Snap Inc. set a valuation for itself between $19.5 billion and $22.2 billion, according to people familiar with the matter, as the disappearing-message app company nears its landmark initial public offering.

The valuation range, which equates to $14 to $16 a share, is near the low end of the $20 billion to $25 billion range the Snapchat parent company had earlier targeted. The company and its underwriters will set a final IPO price based on feedback from investors in a roadshow that is about to begin.

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