The pricing is above estimates for company, which initially aimed to raise $3 billion. We can already hear the sound of money pouring into the streets of Abbot Kinney.
They will list on Thursday on the New York Stock Exchange.
There is no word on exactly what the drone might be like, but it's easy enough to imagine the drone being used for overhead photos and video to be streamed back to the Snapchat app.
The rebranding itself - from Snapchat to Snap - mirrors the company's efforts to expand beyond just Snapchat, and a Snap camera drone could bolster its position as a camera company.
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Snap filed to go public in early February, showing a rapidly accelerating advertising business that went from $59 million in revenue in 2015 to almost $400 million in 2016. At Wednesday's expected IPO price, Snap would be worth $23.6 billion on a fully-diluted basis, or, if all outstanding options, restricted stock units or warrants were converted to shares. "Users" are people who use the Snapchat app at least once a month.
That said, the drone project reportedly builds on the Snapchat Spectacles, the special sunglasses that record short video clips.
Snap just needs millions more like Murphy willing to make time for yet another social network. The fact that Snap nonetheless went for an above-range price suggests that it is confident in demand among investors. Orders for the IPO were concentrated at about $17 to $18 a share, people familiar with the process said Tuesday. That makes it the largest USA tech IPO since Alibaba raised $25 billion in 2014, and the largest for a US -based tech company since Facebook's 2012 $16 billion offering, according to Dealogic.
Snap's valuation has nearly tripled within three years, after Snapchat (its previous corporate trading name) held a funding round in 2014 that valued the company behind Snapchat at $10bn (£8.13bn).