A billboard displays the logo of Snapchat above Times Square in New York March 12, 2015. REUTERS/Lucas Jackson
Snap Inc, the owner of the popular messaging app Snapchat, set a valuation of between US$16.2bil (RM72.15bil) and US$18.52bil (RM82.48bil) in its initial public offering, significantly below expectations.
Snap, which filed for its IPO in early February, was widely expected to be valued at between US$20bil (RM89.07bil) and US$25bil (RM111.34bil), giving the company the richest valuation in a US technology IPO since Facebook Inc.
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