Snapchat parent company Snap Inc. has quietly filed paperwork for an IPO, setting the wheels in motion for what’s expected to be the largest tech debut in years, a source familiar with the matter told Business Insider.
Snap’s IPO could come as early as March, but could also occur in the second quarter of 2017, the person said. The company is seeking a valuation of $20 billion to $25 billion.
Some people expect the offering could be even larger. Bloomberg has reported that Snap’s IPO valuation could swell as high as $40 billion.
Snap, which is based in Venice Beach, California, confidentially filed its paperwork with the US Securities and Exchange Commission before the presidential election, according to The Wall Street Journal.
Morgan Stanley and Goldman Sachs will lead the deal, while JPMorgan, Deutsche Bank, Allen & Co., Barclays, and Credit Suisse will be joint bookrunners.
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