Snap files for $4B IPO

Snapchat will seek to raise as much as $4 billion in its IPO at a valuation of about $25 billion to $35 billion.
Snapchat’s parent filed the paperwork for an initial public offering with the Securities and Exchange Commission ahead of the presidential election, sources say. An IPO would value Snap at up to $25 billion, making it the largest U.S.-listed technology offering since Chinese e-commerce company Alibaba Group Holding Ltd. made its debut in 2014 at a $168 billion valuation.