Snap Inc. CEO Evan Spiegel AP Photo/Jae C. Hong
Snap Inc., the company formerly known as Snapchat, is working on an initial public offering for March that would value the company at $25 billion, according to The Wall Street Journal.
A source familiar with the matter confirmed the company’s IPO ambitions, but told Business Insider that the situation is still “fluid” and that Snap hasn’t hired bankers at this point. The March timeline is arbitrary, given uncertainties like the outcome of the presidential election and the state of the capital markets, according to the source.
Bankers say they have been courting Snap for months in anticipation of an IPO. It’s seen as best positioned to approach the IPO markets early in the year, one person said, among tech companies expected to float their shares in 2017.
Another source said Snap is expected to choose bankers by December.
Snap declined to comment on its IPO plans when reached by Business Insider.