That would raise about $3.2 billion, and Snap estimates its proceeds from the deal would be $2.1 billion to $2.3 billion.
Snap Inc. will be worth as much as $22 billion if all goes well with its upcoming initial public offering, in which the company will for the first time make its stock available to the public for purchase. Snap initially sought a valuation of $25 billion, according to the initial listing document it filed earlier this month.
Next up for Snap is the roadshow, where management will travel to cities including Los Angeles, San Francisco and NY to pitch the stock to prospective investors. It's still possible, however, that Snap could increase its valuation range if it sees strong demand for the stock at its IPO road show.
Snap Inc pop-up store in NY, 2016.
Snap launched itself in 2012 with an app that sends disappearing messages, rebranded itself previous year as a camera company and started selling $130 video camera glasses. The other banks participating are Goldman Sachs, Barclays, Credit Suisse, JPMorgan, Allen & Company, and Deutsche Bank.
Though Snap's IPO has generated great interest after a dearth of new listings a year ago, the company is playing it conservatively.
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Snap had a net loss of $514.6 million on $404 million in revenue for the year ending December 31, 2016, compared to a net loss of $372.9 million on $58.7 million in revenue in the prior year.
Snap says it plans to use the IPO funding for "general corporate purposes, including working capital, operating expenses, and capital expenditures".
Snap issued those shares for almost $31, but in October it gave each of its shareholders an extra share for every one they owned, cutting the value of all in half.
Snap's co-founders Evan Spiegel and Bobby Murphy will hold 14.5 percent of Class A shares each, after the offering, down from 21.8 percent. The company also said it is not "anticipating any material acquisitions" but may purchase some "complementary businesses, products or technologies". The class C stock represents 88.5% of the voting power of the outstanding capital stock after the IPO.
The industry has been keeping a close eye on Snap Inc since the upstart published details of its forthcoming IPO back in January in the form of an S1-filing which promised growth but not profit in the short-term. The company posted an annual loss of $514 million in 2016.