Snap, Inc., the parent company of the social media app Snapchat, has filed for initial public offering (IPO) of its stock. The stock will be publicly traded on the New York Stock Exchange and is expected to be one of the biggest public debuts in recent years. The company is expected to be valued at $25 billion and it is seeking to raise $3 million from the IPO. A United States Security and Exchange Commission filing shows that the company reported over $400 million in revenue in 2016, but also lost over $500 million in the same year. Snapchat reported 158 million daily active users during its most recent quarter.