Snapchat owner aims for $3B as it files for IPO

On Thursday, Snapchat parent Snap Inc. officially filed its initial public offering is planning to raise up to $3billion, ahead of what is widely expected to be one of the biggest U.S tech IPO since Facebook.

In 2016, it generated $404.5 million in revenue, up from $58.7 million in 2015. Losses increased overtime as it lost $514.6 million in 2016, compared with a loss of $372.9 million the year before.
The stock will be traded on the New Year Stock Exchange under the symbol ‘’SNAP” and is expected to go public in March.

The filing comes at an arousing however difficult time for Snap. The company, initially named Snapchat, has announced its aims to end up “a camera company,” instead of only an app developer. It has also some accomplishment with Spectacles, it’s fun pair of video-recording sunglasses.

Snap’s IPO likewise comes similarly as the company’s center property, Snapchat, goes under serious fire from Instagram. Facebook, Instagram’s proprietor, has for a long time now been attempting its best to eliminate Snapchat. Each effort failed, as of not long ago, when Instagram propelled a close exact clone of Snapchat Stories, called Instagram Stories.