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May 27, 2015

Snapchat plans IPO

IPO details are yet to be revealed.

By CBR Staff Writer

Snapchat is planning an IPO following the rejection of a $3bn acquisition offer from Facebook in 2013.

Snapchat CEO and co-founder Evan Spiegel said: "We need to IPO, we have a plan to do that." Speigel failed to elaborate on said plans, with no further details on when an IPO will take place or how big it could be.

In March, Chinese e-commerce firm Alibaba invested $200m into Snapchat in a deal that valued the video messaging app at $15bn.

Snapchat presently has over 100 million users, with the self destructive messaging platform most popular amongst teens and young adults.

Earlier this year, Snapchat unveiled plans to add a new ‘Discover’ feature, which will enable video clips from major media brands such as Comedy Central, Food Network, CNN, National Geographic, and Vice to be viewed by users.

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