In an amended S-1 filing to the SEC, Snapchat’s parent company says it expects to raise between $2.1 billion and $2.3 billion in its upcoming IPO (after originally filing for a $3 billion IPO.) The lead bank on the offering is Morgan Stanley; other banks taking part are Deutsche Bank, Goldman Sachs, Barclays, Credit Suisse, Allen & Company, and JP Morgan.
Snap‘s cofounder and CEO Evan Spiegel and chief technology officer Robert Murphy together will hold 88.5% of the voting structure after the IPO. By comparison, the Class-A shares sold in the IPO have no voting rights.[Photo: Michael Nagle/Bloomberg via Getty Images]