Snap Makes $3 Billion IPO Details Public

Snap Inc, owner of popular messaging service Snapchat, made many of its financial details public for the first time on Thursday, as it prepared to raise up to $3 billion in an initial public offering in New York that is expected to come in March. The disclosure was Snap’s opening salvo in convincing investors that the company, which launched in 2012 as a free mobile app with disappearing messages, has come up with a sustainable business model despite increasing losses.
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