Snap Inc., the parent company of Snapchat, has officially filed the paperwork to begin selling shares of their company to the public. Here’s the quick and dirty:
- SNAP will be listed on the NYSE.
- The company’s valuation is expected to be over $25 billion when it goes public.
- March 2017 is the IPO target date.
- Snap has 160 million daily users (growth slowed by 82% thanks to Instagram copying their key feature with Instagram Stories).
- $400 million in revenue in 2016
- Snapchat paid $114.5 million for mobile search engine Vurb.
- The stock to be issued does not come with voting rights. Total control will be retained by company co-founders Evan Spiegel and Robert Murphy.
Hmmm not sure how I feel about that last point. Effectively the shareholders have no say in the management of the company.
What do you think? Will you be lining up to cop SNAP’s stock in March?