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Snap, owner of the messaging app Snapchat, has set its valuation as high as $22.2bn ahead of its initial public offering.

A price range of $14 to $16 per share puts the company’s valuation in a range from $19.5bn to $22.2bn, according to people familiar with the details of the IPO.

The company had previously hoped for a valuation of as much as $25bn, according to listing documents published earlier this month.

Those documents also said the IPO would be the first to issue shares with no votes, reserving the power over all major decisions and appointments for co-founders Evan Spiegel and Bobby Murphy – even if their employment is terminated.

The Los Angeles-based messaging app’s IPO is expected to lead to spin-offs that will boost the city’s status as a growing tech hub.

Copyright The Financial Times Limited 2017. All rights reserved.
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