Snap looking to price IPO above range

02 March, 2017, 00:48 | Author: Rachel Hardy

This puts the company's valuation at $24 billion, and will allow it to raise around $3.4 billion in funding. We can already hear the sound of money pouring into the streets of Abbot Kinney.

Snapchat's owner Snap Inc has worked on a drone that could help users take overhead videos and photographs and then feed that visual data to the company, the New York Times reported on Tuesday.

eMarketer defines a Snapchat user as a mobile phone user of any age who accesses their Snapchat account via mobile phone app at least once per month.

The company sold 200 million shares for $17 each, said the person, who asked not to be identified because the information hasn't been made public yet. Hot the heels of announcing special eye-wear for Snapchat, word on the web is that Snap wants to build a drone.

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A drone could represent another growth opportunity for Snap as competitors continue to clone its breakthrough feature: the ability to compile disappearing photo and video Stories that users can decorate with filters, effects, and other designs. The goal of the drone could be taking overhead images and videos.

Snap just needs millions more like Murphy willing to make time for yet another social network.

That means pre-IPO investors can rest easy knowing that, near the top of the proposed price range or above, Snap's public-market debut won't be a dreaded down round. The company also said it is not "anticipating any material acquisitions" but may purchase some "complementary businesses, products or technologies". The sale will be the biggest tech IPO since the Chinese e-commerce giant Alibaba raised $22 billion in 2014.

Any new tech IPO would receive lots of attention, he notes, and while "there are many questions" about Snap's future-i.e., its ability to turn a profit, the company "has many things going for them", Kennedy says. But history will likely remember Evan Spiegel and his precious company as the lost, desperate dreams of frat bros for generations to come.


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