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Snap shoots for the sky, but promises little in US$3b IPO pitch

It will be the first US company to go public without granting voting rights to stock investors

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The Snapchat logo on cupcakes. Snap could be valued at between US$20 billion and US$25 billion and that would give the company the richest valuation in a US technology IPO since Facebook Inc.

San Francisco

SNAPCHAT owner Snap Inc shot the opening salvo in its US$3 billion initial public offering on Thursday, outlining aggressive expansion plans but offering new investors no say on how the company is run and no promise of profits.

Snap's publication on Thurs-day of its

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