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Snap's valuation puts it at $24 Billion, with a $17 share price

Snap, Inc., the parent company of the communications app Snapchat, is pricing its shares at $17 each Wednesday, according to news reports, in the biggest US tech listing in more than two years.

The company will take in more than $3 billion from the public offering. It is looking to price 200 million shares on Wednesday night at a range of $14 to $16 dollars a share.

Snap, Inc.is based in the Los Angeles beachfront community of Venice. However, there had been signs in recent days for a lot of demand, leading some to suggest that the company may price its shares at up to $18 per share.

The rebranding itself - from Snapchat to Snap - mirrors the company's efforts to expand beyond just Snapchat, and a Snap camera drone could bolster its position as a camera company. The company is hoping to go public with a valuation of $24 Billion and a per share price of $17. A spokesman for Snapchat declined to comment on the EMarketer report, citing quiet period restrictions.

More news: This is what Sunderland need to secure Premier League survival - David Moyes

Snapchat started 2017 with 158 million daily active users, most of whom are people in their teens, 20s and early 30s. Over the last few years, however, Snap has been making efforts to become a modern-day camera company and it may have more tricks up its sleeve toward that goal. Like Spectacles, a drone could be marketed towards events: a music festival drone, for example, sending exclusive aerial pictures and video to each attendee.

The young company saw user growth slow to a halt in the final months of previous year, according to its original IPO filing last month.

"We may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies", Snap said in its filing.

It also makes Snap the biggest share listing in the tech sector since Chinese e-commerce group Alibaba in 2014 and the largest U.S. tech firm to make its market debut since Facebook in 2012. Snap seems like it's willing to do anything or say anything that might prevent its IPO from becoming one of the biggest tech industry blunders, instead of one of the major successes that founder Evan Spiegel once expected.

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