Timesnap sets valuation as high as $22.2bn ahead of IPO. The owner of the messaging app Snapchat has set it valuation between 19.5bn - $22.2bn ahead of its initial public offering, less than the company had originally hoped for but still putting it on the track to be one of the US largest tech flotations. It shares being valued at $14-16 on a diluted basis.
In 2016, Snap’s revenue went up six times to $404.5mn, with net losses of $514.6mn, but average daily active user growth fell below 50% by the fourth quarter.
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