Snapchat filed a confidential prospectus draft with the SEC. Well, it is not confidential anymore…

This is actually interesting because although JOBS Act allows confidential filing, it begs a question. What do they need to check with the SEC? Given its stellar rise, why is it using confidential filing? What are they concerned about?

Are they just being conservative? Or did the underwriter or auditor advise Snapchat to test the waters with the SEC.


Obviously, this is not a positive signal to the investors because someone involved with Snapchat’s IPO wants something checked by the SEC.

This is going to be interesting. Can’t wait until it goes public and we see the SEC’s comments.