Snapchat’s parent company Snap Inc. is pricing its IPO at $14 to $16 per share, according to documents filed with the SEC on Thursday.
The regulatory filing shows Snap is looking to sell 200 million Class A shares, which it estimates will generate between $2.1 billion and $2.3 billion.
Snap had originally filed for a $3 billion IPO, but it will reach this range ($3.6 billion) at $16 per share.
The filing confirms earlier reports from The Wall Street Journal and The Financial Times that the company has set a valuation for itself of between $19.5 billion and $22.2 billion.
The company will list on the New York Stock Exchange, under the “SNAP” ticker.
Morgan Stanley is the lead bank working on the share sale. The other banks partipating are Goldman Sachs, Barclays, Credit Suisse, JP Morgan, Allen & Company, and Deutsche Bank.
Snap has not yet set a date for its IPO, but sources have previously told Business Insider that the company plans to go public in March.
Snap, which made its fame with an app that sends ephemeral photo and video messages, describes itself as a “camera company”.
The Snapchat app had 158 million average daily active users as of the fourth quarter of 2016. It makes its money through advertising and booked revenue of $404.4 million last year, up from just $58.6 million in 2015.
Snap says it plans to use the funding for “general corporate purposes, including working capital, operating expenses, and capital expenditures.”
However, the company adds that while it might purchase some “complementary businesses, products, services, or technologies,” it is not anticipating any material acquisitions.
The Class A stock being sold carry no voting rights. Holders of Class B stock are entitled to one vote and it is convertible into one share of Class A stock. Holders of Class C stock — restricted to the company’s founders, CEO Evan Spiegel and CTO Bobby Murphy, are entitled to ten votes. The Class C stock represents 88.5% of the voting power of the oustanding capital stock after the IPO.