Snap Inc. is valuing the company at up to $22 billion as it prepares for the tech industry's biggest initial public offering in years.
The parent company of the social network Snapchat said in a regulatory filing Thursday that the IPO is likely to be priced between $14 and $16 per share. Had the IPO price matched the $30.72 per-share price obtained in its last round of financing, Snap would have a market value of about $30 billion, based on the quantity of outstanding stock listed in its IPO documents.
Snap said that it's offering 145 million Class A shares, while existing stockholders are offering an additional 55 million Class A shares. Snap won't receive any proceeds from shares sold by those stockholders. Underwriters of the IPO have an option to buy up to an additional 30 million shares.