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00:00:00
>> Sometimes the story is long->> SnapChat this, the biggest tech IPO since Facebook is coming. Snap Inc giving investors their first look into the company. As it files to raise up to $3 billion in an IPO it hopes will dazzle Wall Street. The way its social network captivates millennials.
00:00:18
Sources tell Reuters the company valuation will be between $20 and 25 billion. So, the numbers backing the company's Thursday filing? 158 million people using the disappearing messaging app daily. And over a third of them were between the ages of 18 and 24. Consumers that make advertisers salivate. Although strangely, Snap Inc calling itself a camera company in the filing.
00:00:42
Yeah, it had those coveted Snap spectacles that were all the rage. But still, what's up with that? Reuters reporter Liana Baker.>> So the company is trying to get away from their sexting roots. Which is actually the language used in the filing. To be more of a camera company.
00:00:59
Which is interesting, because GoPro has sort of suffered since their idea of being a camera company. So it's sort of an interesting choice of language.>> That's not the only eyebrow raising issue, Snap Inc lost about half a billion dollars last year. And shareholders will have to deal with the company's two cofounders keeping control over all decisions.
00:01:20
Shares of the Class A common stock that's being sold in the IPO have no voting rights at all.>> Ahead of the filing we have reported that the shares that will be sold in the IPO would not have any votes. But it's still a bit of a surprise to investors to see this in a filing.
00:01:37
Saying that we're the only company out there. That has issued common stock as part of an IPO with zero votes.>> But if you're excited by young faces and fast growth, get on board. Revenue last year was over $400 million, nearly seven times what it was in 2015.
00:01:53
The IPO is expected for March. Snap will be listing on the New York Stock Exchange. The ticker symbol? S-N-A-P.