Snapchat's $24 Billion Valuation Sets A High Bar For Its Future

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The company has quite a bit to show to investors and appears totally confident, considering that it is expecting shares to sell for $17 - beyond the $16 upper limit it has itself set. It was not a subtle hint that the Los Angeles-based company had an initial public offering in its sights.

Snapchat, the photo-sharing mobile app known for these filters, is gaining older users.

With that, it looks like Wall Street had plenty of an appetite for Snap despite multiple major concerns about the company's business.

"The demand for the Snap IPO has been very, very strong", says Jeff Zell, an analyst with IPO Boutique, a research firm.

See Also: Can Snap's Top-Line Follow In Facebook's Footsteps?

According to The New York Times, three anonymous sources revealed Snap has created a drone for users to expand their photo-taking and story creating abilities.

5 things you need to know about the BlackBerry KeyOne
A fingerprint sensor has been embedded into the space bar and the device comes pre-loaded with Blackberry Security Software . It sports an 8-megapixel front facing camera featuring f2.2, 1.125um pixel size and 84-degree wide angle/field of view lens.

Even more, according to Snap's public offering prospectus for the United States Securities and Exchange Commission, the company stated, "We believe that reinventing the camera represents our greatest opportunity to improve the way that people live and communicate". The objective of the drone could be taking overhead images and videos. Orders for the IPO were concentrated at about $17 to $18 a share, people familiar with the process said Tuesday. Over the last few years, however, Snap has been making efforts to become a modern-day camera company and it may have more tricks up its sleeve toward that goal.

At the beginning of February Snap's formal announcement to regulators of its plans revealed that the company made sales of $404m previous year, but a loss of $515m.

Snapchat's parent company is expected to be valued at about $24 billion in its IPO, setting a high bar bar for a company that lost $515 million a year ago. Now, the social media app maker employs nearly 2,000 workers and is about to become a publicly traded company.

It also makes Snap the biggest share listing in the tech sector since Chinese e-commerce group Alibaba in 2014 and the largest United States tech firm to make its market debut since Facebook in 2012.

The Times notes that there is no release date for Snap's drone, and it is possible that the project - like many other gambles from today's biggest tech companies - could ultimately be scrapped.

Spiegel's vision for the company remains somewhat mysterious.

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