Snap has given further insight into its initial public offering (IPO) plans today, confirming that it intends to sell 200 million class A shares at between $14 and $16 dollars each.

This means that Snap is looking to generate up to $3.2 billion through its IPO, though given that only 145 million of the shares are being sold by Snap itself (the rest are being sold by existing stockholders), the company expects its net proceeds from the IPO to be around $2.1 billion.

Based on the total number of shares being sold and those outstanding after the IPO, Snap is seeking a valuation of between $16.2 billion and $18.52 billion — substantially less than some of the numbers that have previously been touted. Back in October, some reports suggested that Snap was looking to raise around $4 billion at a valuation of up to $35 billion. Reports circulated yesterday that Snap was seeking a valuation of up to $22.5 billion, but now we have a confirmation of Snap’s IPO plans through its official filing with the Securities and Exchange Commission (SEC).

It’s worth noting here that these numbers are estimated for the purpose of calculating the IPO registration fee, so they may still change, but it gives us a clearer idea of how Snap is thinking about its IPO.

Snap formally triggered the process of becoming a public company in early February, and through that SEC filing we learned a number of notable nuggets about the company — including that it now has 161 million daily active users (DAUs), it made a $515 million net loss in 2016, and public shareholders won’t hold any voting rights post-IPO.

We know that Snap has chosen the New York Stock Exchange (NYSE) for its IPO, and it will operate under the SNAP ticker. We still don’t have a firm date for when Snap will officially go public, but it’s expected to happen sometime in March.

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