Snap Inc, the owner of the popular messaging app Snapchat, has set a valuation range for itself of $19.5 billion to $22.2 billion in its initial public offering, the Wall Street Journal reported, citing sources.

The valuation range, which represents $14 to $16 per share, is close to the lower end of the expected range of $20 billion to $25 billion, the Journal reported.

But even at the low end, Snap would be the largest US tech initial public offering since Alibaba in 2014.

A Snap Inc spokesman declined to comment.

Snap Inc filed its IPO registration statement in early February and was expected to record the biggest valuation in a US technology IPO since Facebook’s 2014 launch when it was valued at $104 billion.

The company had confidentially registered with the Securities and Exchange Commission late last year for an IPO.