Snapchat owner files for IPO

Snap, the parent company of Snapchat, filed for its initial public offering (IPO) on Thursday.

Snap described its flagship product Snapchat as a camera application that was created to help people communicate.

On average, 158 million people use Snapchat daily, and over 2.5 billion Snaps are created every day.

“Our products empower people to express themselves, live in the moment, learn about the world, and have fun together,” said Snap.

“On average, more than 60% of our daily active users create snaps with our camera every day.”

Snap said its strategy is to invest in product innovation and take risks to improve its camera platform.

“We do this in an effort to drive user engagement, which we can then monetize through advertising.”

Snap hopes to raise $3 billion through its IPO, which will value the company at over $20 billion.

Now read: SnapChat group chats launched

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Snapchat owner files for IPO