Snap, which provides a mobile app, Snapchat, for ephemeral messaging and photo sharing, filed on Thursday with the SEC to raise up to $3.0 billion in an initial public offering. This $3 billion offering would be the largest tech IPO since Alibaba's $21.8 billion deal in 2014.
The Venice, CA-based company was founded in 2011 and booked $404 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol SNAP. Morgan Stanley, Goldman Sachs, J.P. Morgan, Deutsche Bank, Barclays, Credit Suisse and Allen & Company are the joint bookrunners on the deal. No pricing terms were disclosed.
