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Snapchat focuses on developed markets…

…rather than uncovering new markets.

The knives are out for Snap as the company preps for an initial public offering next week — a textbook backlash that big tech companies from Facebook to Twitter to Google have now grown accustomed to.

Snap kicked off its pre-IPO roadshow last week in London and New York as the company pitches its business to potential investors. Initially seeking a valuation between $20 billion and $25 billion, Snap has since softened its target to between $19.5 billion and $22.3 billion after getting pushback from investors concerned about Snapchat’s growth prospects.

Early reports from Snap’s presentations in London and New York indicate that some investors are not sold on the company’s pitch. Some investors reportedly saw a “huge red flag” in Snap’s inability to satisfactorily answer questions about its slowing growth. That hasn’t stopped Snap’s IPO from being oversubscribed by nearly $7 billion, according to Business Insider.

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