WASHINGTON (dpa-AFX) - Snap Inc., the parent company of popular messaging service Snapchat, has reportedly selected the New York Stock Exchange for its IPO.
The news was initially reported by CNBC.
Snap is expected to publicly file for an IPO this week. The disclosure of financial statements in a Form S-1 would follow the company's confidential filing of IPO paperwork in November.
Reports expect the IPO to value the company between $20 billion and $25 billion, which could make the social network company the third-most-valuable technology company at the time of its market debut after Alibaba and Facebook.
Earlier this month, Snap selected London as its new international headquarters.
Snapchat has 250 million daily users globally and is expected to generate revenues of about $1 billion in 2017. In 2013, Snapchat had rejected Facebook's offer to buy the company for $3 billion in cash.
Copyright RTT News/dpa-AFX