Snap Inc. intends to publicly file for an IPO next week, according to Recode, putting it on track for a March offering.
While the Venice parent company of popular photo-sharing app Snapchat filed private documents with the Securities and Exchange Commission in November, this would mark the first official view into the firm’s finances.
Snap is projected to generate $367 million in advertising revenue this year and nearly $1 billion in 2017, according to a report by eMarketer. The company’s advertising technology is relatively simple compared to its larger rival Facebook Inc., but many investors see potential for the company to improve its offering and tap into its fast-growing user base.
In September, it was reported that Snap had 150 million daily active users; the company said in March that about 23 percent of its monthly active users fell between the ages of 13 and 18.
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