Snapchat’s parent firm to reveal financials within a week

Snapchat’s parent firm to reveal financials within a week

Snap Inc., the tech company that owns widely-popular messaging service Snapchat, will soon announce its financials as it is moving toward its eagerly awaited initial public offering (IPO), a person claiming familiarity with the situation revealed on Friday.

According to the anonymous source, Snap will publish the documents, which it secretly filed with the U.S. Securities and Exchange Commission (SEC), within a week. The documents reportedly contain a dossier of tightly held finances as well as its plans for becoming a public company.

Based on emerging reports of Snap’s latest round of funding, it is expected to go public sometime in March, and its IPO could be the largest technology IPO in the nation since social-networking giant Facebook Inc.’s IPO in 2012.

Snapchat has thus far kept its financials secret, thanks to the U.S. Jumpstart Our Business Startups Act, which allows companies with less than $1 billion in revenue to secretly file for an IPO, letting them to inaudibly test investor appetite.

An IPO prospectus filing, which is officially called an S-1, must be made public at least 15 days before starting the so-called ‘road show, in which a company markets the IPO to investors.

With its planned IPO in March this year, the Venice, California-based tech company could be valued anywhere in the range of $20 billion to $25 billion.