Snapchat Plans IPO
“We need to IPO” Snapchat’s chief
executive, Evan Spiegel, 24, told Code conference in Southern California on
Tuesday.
It’s the first time Spiegel has publicly stated what he has been communicating privately, the tech industry is overdue a correction, and Spiegel is planning on taking the company public rather than sell it to a large firm.
It’s the first time Spiegel has publicly stated what he has been communicating privately, the tech industry is overdue a correction, and Spiegel is planning on taking the company public rather than sell it to a large firm.
The company is worth tens of billions on
the private market. Spiegel claims that 100 million people use the
video-messaging app and 65% of them send a message a day.
It’s latest funding round valued it at a sky-high $15billion (£10 billion). Five times as much than what Spiegel turned down in 2013 when Facebook tried to buy it for $3 billion.
It’s latest funding round valued it at a sky-high $15billion (£10 billion). Five times as much than what Spiegel turned down in 2013 when Facebook tried to buy it for $3 billion.
Reports indicate that Snapchat is
seeking to raise $500 million in funding that would raise valuation as high as
$19 billion.
Spiegel did not reveal any details about its IPO plans and then shot down questions about Snapchat’s future. Nor was their any mention of when Snapchat’s IPO would take place, it could be months or years, or how big it would be.
Spiegel did not reveal any details about its IPO plans and then shot down questions about Snapchat’s future. Nor was their any mention of when Snapchat’s IPO would take place, it could be months or years, or how big it would be.
“People
are making riskier investments,” Spiegel said. “I think there will be a
correction. As for when, we don’t know, but we factor that into our plans. If I
knew exactly when, I could make a lot of money.”
“At
some point there won’t be any momentum investors left buying at higher prices,
and the market begins to tumble,” he wrote in emails in 2013 that were obtained
by the Wall Street Journal last year. “May be 10–20% correction or something
more significant, especially in tech stocks.”
Facebook shares have risen almost 30% in
the past 12 months to just under $80, while Apple stock is almost 50% higher at
close to $130.
Earlier this year, Snapchat
introduced Discover, a separate section where users can consume bite-sided
news content from its partner publisher. Discover is being backed by media
organization including Vice Media, CNN and Comedy Central.
Isobar US, BBH New York, Big Spaceship, DigitasLBi San Francisco and Tribal Worldwide New York are currently in discussions about the opportunities and pitfalls on the social sharing app.
Snapchat has just created Snapcash allowing users to process transfers to friends through the app and made an investment into Spring, a shopping app, to help generate revenue.
Isobar US, BBH New York, Big Spaceship, DigitasLBi San Francisco and Tribal Worldwide New York are currently in discussions about the opportunities and pitfalls on the social sharing app.
Jessica Smith
Australian girl, Jessica is loving England but is missing the sunshine! She loves writing, dogs and plays hockey! Follow her @JessicaAtSMF
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Snapchat Plans IPO
Reviewed by Unknown
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Thursday, May 28, 2015
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Reviewed by Unknown
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Thursday, May 28, 2015
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