From CNET: It's official: Snap, the parent company of Snapchat, is going public.
First, the basics of the IPO. The company is said to be valued at $20 billion to $25 billion, and is looking to raise $3 billion in the offering. It will list on the New York Stock Exchange under the ticker symbol SNAP.
The 5-year-old company, founded by a college dropout, made its long-awaited IPO filing public on Thursday, in what's likely to be the biggest market debut for a tech company in years.
The Los Angeles-based social network, wildly popular among teens and young adults, has been one of tech's unlikeliest success stories in years. Started by Evan Spiegel, a 26-year-old who dropped out of Stanford University, the app was once dismissed as a sexting app.
But it's clearly much more than that. Power users include Kim Kardashian, DJ Kahled and John Mayer. Instead of posts piling on top of each other like they do on your Facebook timeline, pictures and videos posted to Snapchat disappear after a set amount of time. It ushered in a form of casual social networking that's something of an antithesis to Mark Zuckerberg's nearly 2 billion-strong behemoth.
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