Snapchat’s parent company Snap Inc. is seeking to price its IPO at $14 to $16 per share, setting its valuation below initial expectations, according to documents filed with the SEC on Thursday.

The updated regulatory filing confirms Snap is looking to sell 200 million Class A shares, which it estimates will generate between $2.1 billion and $2.3 billion.

The filing confirms earlier reports from The Wall Street Journal and The Financial Times that the company has set itself a valuation of between $19.5 billion and $22.2 billion.

Snap had initially sought a valuation of $25 billion, according to the initial listing document it filed earlier this month. However, it’s possible that Snap will increase its valuation range as the IPO roadshow progresses if it sees strong demand for the stock.

The company will list on the New York Stock Exchange, under the “SNAP” ticker symbol… see more

source: businessinsider