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Snapchat Said to Choose NYSE for Impending Public Offering

Variety logo Variety 1/30/2017 Janko Roettgers
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Snap Inc., the maker of Snapchat, has chosen the New York Stock Exchange (NYSE) for its IPO, according to multiple media reports. The company is expected to publicly file for an IPO this week and go public in March.

CNBC was first to report the news Monday; the report was subsequently confirmed by Reuters and others. Snap declined to comment.

Snap filed confidentially for an IPO last November, which was possible because the company generated less than $1 billion in revenue in 2016. The company’s valuation is expected to reach up top $25 billion.

By the end of this week, the company is expected to follow up with a public filing, which will give investors a close look at the company’s financials. Last March, Snap was reportedly aiming for a revenue target of $300 million to $350 million for 2016.

Snap’s IPO could set the tone for subsequent tech IPOs in 2017, which could include Spotify, Airbnb and Dropbox. A successful Snap offering could accelerate other IPO plans, while any stumble could have a depressing effect on future tech offerings.

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