Snap Set to Pitch $3.2 Billion Share Sale to Voteless Investors

A familiar technology is transforming our interactions with the digital world and Snapchat’s parent company wants to lead the way

Snapchat has set its IPO valuation as high as $22.2bn, dialing down its previous ambitions of hitting $25bn but still putting the company on track to be on of the biggest tech floatations the United States has seen.

Snap released new details on its IPO plans Thursday in an updated filing with the Securities and Exchange Commission. The roadshow then takes them to Boston, the Midwest, and the West Coast. Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Credit Suisse and Allen & Company are the joint bookrunners on the deal.

Snap launched itself in 2012 with an app that sends disappearing messages, rebranded itself a year ago as a camera company and started selling $130 video camera glasses.

The Snapchat app had 158 million average daily active users as of the fourth quarter of 2016.

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Spiegel with Snap cofounder Bobby Murphy.

Since past year, the secretive company has had to share details on its losses and slowing user growth.

The class A stock being offered carries no voting rights. "If Mr. Spiegel's or Mr. Murphy's employment with us is terminated, they will continue to have the ability to exercise the same".

Final valuation will depend on how investors view specific issues, including a recent dip in the growth rate of new users, the competitive landscape and the fact that the stock offering is structured so that Snap's leaders will retain significant control after the IPO, per an earlier Journal report.

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Snap is likely to be asked questions about how the company plans to compete in a competitive market for users and advertising dollars.

Unlike some other social media and messaging services, Snap has shown that it is actually making a considerable amount of money earning $404m last year, up by 50pc on the previous year.

Snap's executives are also likely to be quizzed on the company's path to profitability.

Net losses widened to US$514.6 million from US$372.9 million in that period.

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