Mobile messaging company Snapchat is looking to raise approximately $500 million (£324m) in a flotation, valuing it at $16-19 billion, according to Bloomberg.

The latest valuation would represent a huge leap for the social media company, which Facebook offered to buy for $3 bn in late 2013. Snapchat’s previous funding round, completed late last year, valued the company at more than $10 bn.

The company allows its more than 100 million users to send messages that disappear after a few seconds. Executives are said to be in advanced talks with fund managers.

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