Snap files for $3bn IPO but offers investors no profit promise or voting rights

Company to float in March 2017

Snapchat owner Snap Inc has unveiled plans for its eagerly-anticipated $3bn initial public offering (IPO), but has offered investors no promise on profits or a say on how the company will be run.

Snap is estimated to be valued between $20bn-$25bn when it floats on the New York Stock Exchange in March, in what promises to be one of the biggest technology IPOs of recent years. However, in what is being viewed as an unusual IPO publication document, Snap said investors should focus on the company's rapid growth of users instead of losses, or the lack of voting rights they would receive. The group's net loss increased from $372m in 2015 to $514m in 2016, however its active users grew to 158 million in December 2016, up 48% on the previous year. Meanwhile sales, which are primar...