Snap Inc has re-branded itself as a camera company. Its $3.2 billion IPO is scheduled for launch this week.
The New York Times has reported that owner of Snapchat, Snap Inc, has worked on a drone which allows users to take overhead videos and photos and upload the same to the company.
As yet, it is unclear if or when Snap Inc’s drones will be launched for the retail market.
Snap Inc could not be immediately reached for comment.
Earlier this year, GoPro launched Karma, a drone camera which did not see any signs of success and led to its recall in November to resolve a performance issue related to a loss of power during operation. The Karma was relaunched in February.
In 2016, Snap rebranded itself as a camera company, launched its first product, ‘Spectacles’, a video camera sunglass, in November 2016. The ‘Spectacles’ can record short videos which users can upload directly on Snapchat.
In its own unique style, which kept things interesting for consumers, Snap used to set up vending machines in bright yellow where consumers could drop in $130 and pick up a “Spectacles”. The machines would be relocated every now and then day and the new location shared just 24 hours in advance.
Until recently, this was the only way to buy the “Spectacles”.
Despite its success, investors would like to know the future course of the company, with many concerned about Snap’s future prospects, corporate governance and valuation.
Today, in a highly anticipated run up to its IPO, Snap Inc tried to bring about some clarity in these matters by saying it expects investors to buy close to a quarter of its shares in the $3.2 billion IPO scheduled for launch this week. It expects investors to hold onto the for at least 1 year.
Snap is targeting a valuation of around $19.5 billion and $22.3 billion from its New York Stock Exchange listing.
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