Well it’s finally here. The one you’ve all been waiting for. Snapchat dammit.
SNAP INC FILES FOR IPO REGISTRATION AMOUNT $3B
They’re going public which means you too can own a part of a company whose product Heisenberg will never use.
Importantly, it also means you can effectively buy back partial ownership of all the naked pictures and sexual messages you sent through the platform. So that’s a plus.
The leads on the deal are the usual suspects.
Perhaps the best part about the whole pitch is this:
We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate
That’s what you’re buying. An “opportunity to reinvent the camera.”
Oh, and you’re also buying a net loss of $515 million in 2016, which compares not very favorably with a loss of $382 million in 2015.
Here’s a fun timeline from the S-1:
Snap Inc.Files for IPO via Morgan Stanley, Goldman Sachs, JPMorgan, Deutsche Bank, Barclays, Credit Suisse, Allen & Co.
- Global ARPU three months ending Dec. 31 $2.15 vs 65c y/y
- Avg. 158m daily users, over 2.5b Snaps created daily
- DAUs spend avg of 25-30 minutes on Snapchat each day
- Sees worldwide advertising spend increasing to $767b in 2020 from $652b in 2016
- Sees proceeds used for general purposes, possible acquisitions, tax withholding obligations related to vesting/settlement of RSUs
- Initial registration $3b
- Sees NYSE symbol SNAP