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| Snapchat files plans for US stock market listing | |
| (35 minutes later) | |
| Snap, the parent company of messaging app Snapchat, has publicly filed plans to list on the US stock market. | Snap, the parent company of messaging app Snapchat, has publicly filed plans to list on the US stock market. |
| The California-based firm is seeking to raise $3bn (£2.4bn) from the share sale, according to reports. | The California-based firm is seeking to raise $3bn (£2.4bn) from the share sale, according to reports. |
| Based on investments so far, the tech firm would be worth between $20bn and $25bn, making it the biggest US flotation in recent years. | Based on investments so far, the tech firm would be worth between $20bn and $25bn, making it the biggest US flotation in recent years. |
| The company was first reported in November to have filed a confidential application for the listing. | The company was first reported in November to have filed a confidential application for the listing. |
| The company began in 2012 as a mobile app that allowed users to send photos that vanish within seconds. | |
| It now has nearly 160 million daily users, which is more than Twitter. | |
| Snapchat is seen as an appealing way for advertisers to reach young people, with almost two-thirds of its users aged between 13 and 24. | |
| The firm grew revenue by nearly 600% last year to $404m, largely due to increased income from adverts, according to the listing plans. | |
| However, heavy costs, including from marketing and research, dragged Snap to a net loss of $515m. | |
| Snap's co-founder, 26-year-old Evan Spiegel, turned down an offer from Facebook founder Mark Zuckerberg to buy Snapchat for $3bn just over three years ago. |