Snapchat IPO News

Some of the biggest US mutual and hedge funds, including Daniel Loeb`s Third Point and Daniel Och`s Och-Ziff Capital Management, owned stakes in Snap Inc, parent of the wildly popular Snapchat messaging app.

It wasn`t the day Snap Inc -- the parent company of Snapchat -- had planned. In its first quarterly earning report after going public in March, the company saw growth slipping to its lowest in the past two years, reporting 166 million users at a growth rate of a mere 5 percent.

Snapchat has filed for an initial public offering, sources familiar with the situation said on Tuesday, which puts the messaging app a step closer to the biggest US stock market debut since 2014.

Snapchat parent firm Snap Inc. has filed confidentially for a public share offering valuing the disappearing messaging platform at more than $20 billion, The Wall Street Journal reported on uesday.

Snap Inc -- the parent company of popular photo-sharing messaging service Snapchat -- is considering an initial public offering (IPO) that can value the company at $25 billion or more.

"We need to IPO, we have a plan to do that," chief executive officer Evan Spiegel said on-stage at a Code Conference in California when asked about the potential for an initial public offering of stock.