Snap, the company behind popular messaging app Snapchat, has hired bankers as it prepares for an initial public offering as early as March that is expected to value the technology company at between $20bn and $25bn.
The start-up, which had a valuation of at least $15bn at its latest fundraising round, has chosen Morgan Stanley and Goldman Sachs to lead the offering, according to two people briefed about the plans. It would be the biggest US tech IPO since 2013 when Twitter launched at a valuation of $18bn.
Snapchat’s revenue generation is expected to take off next year, according to forecasts from research firm E-Marketer. The firm predicts that Snapchat will generate $367m in advertising revenue this year, rising 155 per cent to $936m next year.
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