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Snapchat files for an IPO; expects to raise $4 billion

Social media platform Snapchat has filed for an IPO (initial public offering) with an initial size of $3 billion, reports the Mint. The company plans to raise as much as $4 billion from the IPO with a market valuation of up to $25 billion. In its filing, Snapchat indicates that it will use the funding for acquisitions and other corporate purposes. It also plans to spend $2 billion with Alphabet over the next 5 years to use Google’s cloud computing services, on which it relies. As of Q4FY16, Snapchat claims to have 158 million Daily Active Users (DAU) worldwide, a growth of 48% year on year from 107 million DAUs in the same quarter last year. Of this, 68 million DAUs come from North America, 52 million from Europe and 39 million from the rest of the world. The company…

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