Snapchat files for IPO to raise USD 3 billion

(Telecompaper) Snap, the company behind the messaging app Snapchat, has filed for an initial public offering of shares on the New York Stock Exchange. The SEC filing puts the expected proceeds at USD 3 billion, although details on the number and price of shares has not been set yet. The offering is made up of non-voting Class A shares, allowing Snap's management and current shareholders to hold on to their control of the company. Co-founders Evan Spiegel and Robert Murphy still hold over 88 perc