Snapchat's parent company Snap Inc. is seeking to price its IPO at $14 to $16 per share, according to documents filed with the SEC on Thursday.

The regulatory filing shows Snap is looking to sell 200 million Class A shares, which it estimates will generate between $2.1 billion and $2.3 billion.

Snap had originally filed for a $3 billion IPO, but it will reach this range ($3.6 billion) at $16 per share.

The filing confirms earlier reports from The Wall Street Journal and The Financial Times that the company has set a valuation for itself of between $19.5 billion and $22.2 billion.

Snap had initially sought a valuation of $25 billion, according to the initial listing document it filed earlier this month.

The company will list on the New York Stock Exchange, under the "SNAP" ticker. According to a schedule obtained by Business Insider, the IPO is expected to price on March 1.

Road Show Schedule

On Friday the company's executives will embark on a global road show, where they will pitch the stock to potential investors. The schedule shows that they will travel to London on Monday, followed by two days in New York. The roadshow then takes them to Boston, the Midwest, and the West Coast.

Morgan Stanley is the lead bank working on the share sale. The other banks participating are Goldman Sachs, Barclays, Credit Suisse, JP Morgan, Allen & Company, and Deutsche Bank.

Snap, which made its fame with an app that sends ephemeral photo and video messages, describes itself as a "camera company".

The Snapchat app had 158 million average daily active users as of the fourth quarter of 2016. It makes its money through advertising and booked revenue of $404.4 million last year, up from just $58.6 million in 2015.

Snap says it plans to use the funding for "general corporate purposes, including working capital, operating expenses, and capital expenditures."

However, the company adds that while it might purchase some "complementary businesses, products, services, or technologies," it is not anticipating any material acquisitions.

The Class A stock being sold carries no voting rights. Holders of Class B stock are entitled to one vote and it is convertible into one share of Class A stock. Holders of Class C stock--restricted to the company's founders, CEO Evan Spiegel and CTO Bobby Murphy, are entitled to ten votes. The Class C stock represents 88.5% of the voting power of the outstanding capital stock after the IPO.

"As a result, Mr. Spiegel and Mr. Murphy, and potentially either one of them alone, have the ability to control the outcome of all matters submitted to our stockholders for approval, including the election, removal, and replacement of directors and any merger, consolidation, or sale of all or substantially all of our assets. If Mr. Spiegel's or Mr. Murphy's employment with us is terminated, they will continue to have the ability to exercise the same," the regulatory filing reads.

It marks the first US IPO to issue shares with no voting rights -- something that prompted several of the largest US pension funds to send a letter of objection to Snap earlier this month, The Financial Times reported.

The filing shows Snapchat's user growth slowed after the launch of Instagram Stories--a feature that mimics Snapchat's flagship feature, also called Stories, which allows users to send a string of videos and images to their friends, which disappear after 24 hours.

Snap's executives are also likely to be quizzed on its path to profitability. The company posted an annual loss of $514 million in 2016.

This post originally appeared on Business Insider.

Published on: Feb 16, 2017