Four months after Snap Inc. — the company behind Snapchat and Spectacles — quietly began looking into an initial public offering, filing papers to gauge investor interest in a public debut to the tune of $25 billion, the photo-messaging app has revised those plans, dropping the price by about $3 billion.
Business Insider reports that Snap plans to seek an initial public offering price between $14 to $16 per share, for a total price of about $22 billion.
The company notes in a filing with the Securities and Exchange Commission that it could increase its valuation range if it sees strong demand for the stock.
While the company hasn’t officially announced a date for its public debut, sources tell Business Insider the public outing is expected to occur in March. The company is expected to use the ticker SNAP on the New York Stock Exchange.
Snap, which brings in the bulk of its revenue from advertisements in filters and promoted stories on Snapchat, could use the funds from an IPO for acquisitions of additional virtual-reality companies.
In December, the company jumped into the augmented reality arena with the $40 million purchase of Israeli start-up Cimagine Media.
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