Snap Inc, the owner of ephemeral messaging app Snapchat, sees its upcoming initial public offering (IPO) priced at between $14 and $16 per share, according to a regulatory filing released Thursday.

This would value the company at between $19.5 billion to $22.2 billion.

The U.S. start-up said that it was offering to sell 200 million Class-A common stock and will trade on the New York Stock exchange under the ticker “SNAP”. The total offering will rise to 230 million shares if the underwriters exercise their option to purchase the additional 30 million shares up for grabs.

Snap estimates that the net proceeds from the sale of shares will be $2.1 billion or around $2.3 billion if the underwriters’ option to purchase additional Class-A shares is exercised. This is on the basis of a $15 per share offer price. Net proceeds are the total capital raised minus expenses and underwriting costs.

At $16 per share, the total amount raised would be $3.6 billion.

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