Snap Said to Set IPO Valuation at as Much as $22.2 Billion

Snap Inc. set the valuation on its initial public offering at between $19.5 billion and $22.2 billion in what could be the third-biggest technology offering of the past decade, people familiar with the matter said.

The maker of disappearing-photo application Snapchat is valuing its shares at $14 to $16 on a diluted basis, the people said, asking not to be identified as the details are private. It could be the biggest technology IPO since Alibaba Group Holding Ltd. raised a record $25 billion in 2014.