Snap has officially made public its filings for an IPO, and its warning investors about the impact of Brexit
Snap, owner of messaging platform Snapchat, has finally made public its filing for an initial public offering (IPO).
The company made many of its financial details public for the first time tonight as it prepares for a $3bn (£2.4bn) float.
With a valuation of between $20bn and $25bn Snap could be going public as soon as March, sources told Reuters. That would be the biggest US technology IPO since Facebook.
As reported earlier this week, Snap will be listing on the New York Stock Exchange under the ticker of – gasp – "SNAP".
The company said it made $404.5m in sales in 2016, up from $58.7m in 2015. It had a net loss of $514.6m in 2016, up from a net loss of $372.9m in 2015.
However, Snap warned investors of the risks posed by Brexit in its filing. It said:
The full effect of Brexit is uncertain and depends on any agreements the United Kingdom may make to retain access to European Union markets. Consequently, no assurance can be given about the impact of the outcome and our business, including operational and tax policies, may be seriously harmed or require reassessment if our European operations or presence become a significant part of our business.
Read more: Another huge win for post-Brexit UK: Snapchat sets up international HQ