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Snapchat owner 'lines up Wall Street flotation'

Published 16/11/2016

The Snapchat app has millions of users around the world
The Snapchat app has millions of users around the world

The owner of photo-sharing app Snapchat is reportedly lining up a Wall Street flotation that could value it at up to 25 billion US dollars (£20 billion).

California-based Snap Inc is said to be planning to go public as soon as March in what would be the biggest flotation since Chinese e-commerce giant Alibaba's initial public offering in 2014.

It is thought that Snap made the filing for the listing confidentially before Donald Trump's US presidential victory.

Snapchat launched in 2012 as a free mobile app allowing users to send photos that expire within seconds.

It now has more than 100 million active users.

Snapchat's parent group announced in September that it was renaming the company to Snap Inc as it develops further products, including sunglasses with a built-in video camera.

The gadget, called Spectacles, records 10 second clips on a tiny integrated video camera which are then transferred directly to the Snapchat app via Wi-Fi or Bluetooth.

Snapchat unveiled bright yellow vending machines in the US earlier this month that will sell its new Spectacles for 129 US dollars (£103).

The machines, called Snapbots, feature a cartoon-like face and are topped with balloons.

Snap Inc was not immediately available for comment on its reported flotation plans.

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