Snap makes $3 billion IPO details public

Snap had confidentially registered with the U.S. Securities and Exchange Commission late last year and kept the prospectus under such tight wraps that even some of its IPO underwriters had not seen it prior to publication on Thursday, sources familiar with the matter told Reuters. Snap said in the IPO registration document published on Thursday it would become the first U.S. company to go public with shares on offer not granting voting rights to stock market investors. Its founders, Evan Spiegel and Robert Murphy, will keep control of the company.

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