The owner of messaging app Snapchat has slashed its proposed valuation，as the company gears up for a marketing blitz on what is likely to be one of the largest US tech listings in recent years.
Snap had previously aimed for a valuation of as much as $25bn, according to people with knowledge of the deal, but a price range of $14 to $16 a share, revealed in an updated regulatory filing yesterday, puts its market valuation in the $16.2bn to $18.5bn range.
The range excludes an overallotment option, shares a company founder is set to receive for taking the company public and shares issued to employees.
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