In Brief

Snapchat 'to float on US stock market at record IPO'

If photo messaging app has indeed filed for flotation, it could be the biggest since Alibaba

Snapchat's parent company, Snap Inc, has filed for stock market flotation with the US Securities and Exchange Commission, according to reports.

The photo-sharing app is expected to raise a record-breaking initial public offering (IPO) if its bid to go public is approved.

"Based on investments so far, the California-based firm would be worth between $20bn and $25bn (£16bn-£20bn)," the BBC reports.

Snap Inc has yet to comment on the reports, but sources said that the IPO "could happen as soon as March 2017", according to Wired.

If Snap Inc lists on the US stock market, its IPO "would be the biggest since Chinese e-commerce giant Alibaba went public in 2014", says City AM. Alibaba, whose total assets are valued at $53bn, raised an IPO valued at $21.8bn, later increased to $25bn.

Snapchat co-founder, Evan Spiegel, revealed in May last year that the firm had plans to go public.

"We need to IPO," he told the Code tech conference, two years after turning down a $3bn (£2.4bn) offer from Facebook to buy the app, which he created in 2011 with Bobby Murphy and Reggie Brown while they were at Stanford University.

The app allows users to send and receive photo messages which automatically delete after a short time, and has also become a popular way for advertisers and celebrities to promote their brands.

In June, Snapchat passed a significant milestone by overtaking Twitter in its number of daily users, with an estimated 150 million people logging into the app each day, Bloomberg reports.

Recommended

Phone users hang up landline in favour of mobile and video
Landline phone by Joshep Coronel/PxHere
Business Briefing

Phone users hang up landline in favour of mobile and video

Earth Day: sustainable fashion giving the world a helping hand
Rotaro luxury fashion hire company
Why we’re talking about . . .

Earth Day: sustainable fashion giving the world a helping hand

New iMac takes the spotlight at Apple event
Apple new iMac
Business Briefing

New iMac takes the spotlight at Apple event

Working from home: can it last? 
Working from home
Why we’re talking about . . .

Working from home: can it last? 

Popular articles

What is Donald Trump doing now?
Donald Trump
In Depth

What is Donald Trump doing now?

Ten Things You Need to Know Today: 20 April 2021
10 Downing Street
Daily Briefing

Ten Things You Need to Know Today: 20 April 2021

London mayoral race 2021: who will win?
Night Tube Sadiq Khan
In Depth

London mayoral race 2021: who will win?