Snap prices IPO between $14 and $16 a share

A familiar technology is transforming our interactions with the digital world and Snapchat’s parent company wants to lead the way

Four months after Snap Inc. - the company behind Snapchat and Spectacles - quietly began looking into an initial public offering, filing papers to gauge investor interest in a public debut to the tune of $25 billion, the photo-messaging app has revised those plans, dropping the price by about $3 billion.

Snap hopes to raise about $2.3 billion in cash from selling shares, which it would spend on hiring, technology, acquisitions, marketing and other efforts in the coming years. But they set the stage for Snap officials led by Chief Executive Evan Spiegel and investment bankers at Morgan Stanley and Goldman Sachs to hold discussions with potential investors around the world about their interest in betting on the almost 6-year-old company.

The company, which filed for an IPO earlier this month, was widely expected to be valued at between $20 billion and $25 billion, giving it the richest valuation in a US technology IPO since Facebook Inc. These costs place the company's value around $19.5 billion to $22.2 billion.

According to the Wall Street Journal, Snap has set itself a valuation of at least $19.5bn and up to $22bn.

Since previous year, the secretive company has had to share details on its losses and slowing user growth. Some potential investors have already "reacted with fury" over Snap's decision to sell shares with no voting power.

Joe Root will be Alastair Cook's successor as England Test captain
Ben Stokes is expected to be named vice-captain as the new generation of England players takes over formal leadership roles. After Alastair Cook stepped down last week, the Selectors and I engaged in the proper process to appoint his successor.

Net losses widened to US$514.6 million from US$372.9 million in that period.

While management is sure to tout its revenue increases, Snap may face questions about its user growth, which slowed in the second half of 2016.

According to the Financial Times Snap is due to host an investor roadshow next week with presentations in London, Boston, New York and San Francisco. The startup noted that it is offering to sell 200 million Class A common shares and is trading in the New York Stock exchange.

The founders will maintain tight control over Snap's stock through a unique three-share class structure.

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