SAN FRANCISCO — Snapchat may have been built on disappearing messages. But as the social media darling hovers on the cusp of becoming a public company, its parent is trying to show how durable its business is.
In its first public prospectus, Snap Inc. disclosed on Thursday that it had built a nearly $405 million advertising business in just over two years. While the filing does not indicate a price for an initial public offering, Snap is expected to seek a market valuation of more than $20 billion from investors.
In the filing, Snap said that it wanted to raise $3 billion, an estimate meant to help determine registration fees. The company may seek as much as $4 billion, a figure that would make it one of the biggest tech offerings in United States history, according to Standard & Poor’s Global Market Intelligence.
Snap filed confidentially to go public with the Securities and Exchange Commission late last year. Making the filing public was one of the company’s final steps before it begins trading on the New York Stock Exchange under the ticker symbol SNAP. If all goes well, the offering is expected to furnish its founders and early investors with a windfall.