Snap now hopes to price its stock at $14 to $16 per share, valuing the company at $21.7 billion at the high end, but at $19 billion on the low end.
Two weeks ago, when Snapchat's parent company Snap Inc. first filed its IPO prospectus, we wrote about how insanely expensive Snap's stock was likely to be.
If the valuation holds, Snap's IPO would be one of the biggest in tech since 2014, when Chinese e-commerce giant Alibaba made its Wall Street debut.
The class A stock being sold doesn't contain any voting rights, making Snap the first U.S. IPO to issue non-voting shares.
The updated filing confirms Snap is looking to sell 200 million class A shares.
Next up for Snap is the roadshow, where management will travel to cities including Los Angeles, San Francisco and NY to pitch the stock to prospective investors. Twitter shares were trading at $16.74 per share on Thursday morning. At the mid-point of that range, those investors would be underwater. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX), may have investments in securities of companies mentioned.
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Of course, Snap can still raise the price of its stock offering before it goes public.
Snap, which made its fame with an app that sends ephemeral photo and video messages, describes itself as a "camera company".
Snap was founded in 2011 and booked $404 million in sales for the 12 months ended December 31, 2016. Snap's revenue climbed about sixfold a year ago to US$404.5 million, compared with US$58.7 million in 2015.
The structure will give Spiegel and Murphy the right of 10 votes for every share.
Facebook's Instagram, which recently introduced disappearing video content, had 600 million users as of late past year. Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Credit Suisse and Allen & Company are the joint bookrunners on the deal.