Snapchat to Reveal Financials within a Week
Local Editor
Snap Inc, the secretive technology company that owns the popular messaging service Snapchat, is due to reveal its financials within a week as it moves toward its eagerly awaited initial public offering [IPO], sources familiar with the situation said on Friday.
The Venice, California-based company will publish the registration document it secretly filed with US regulators last autumn, containing a dossier of tightly held finances and its plans for operating as a public company.
The sources, who cautioned that Snapchat's plans may still change, asked not to be named because the information is private.
A spokeswoman for Snap Inc declined to comment.
Snap Inc expects to go public as soon as March and could be valued at $20 billion to $25 billion, based on reports of its latest round of funding, which would make it the largest US technology IPO since Facebook Inc's in 2012.
Snapchat has already confidentially filed with the US Securities and Exchange Commission under the US Jumpstart Our Business Startups Act. Under that law, companies with less than $1 billion in revenue can secretly file for an IPO, allowing them to quietly test investor appetite.
A company must make its initial IPO prospectus filing, officially known as an S-1, public at least 15 days before beginning its so-called "road show," in which it markets the IPO to investors.
Source: News Agencies, Edited by website team
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