The flotation values the business at $24bn, although Snap has never made a profit.

It will turn the company's founders Evan Spiegel and Bobby Murphy into multi-billionaires.

Snapchat, which is especially popular with teenagers, allows users to send images and messages which then vanish.

The shares, which were more than ten times oversubscribed, will list on the New York Stock Exchange.

Investors at the flotation will not have voting rights.