Snapchat Preparing for IPO for March, Valuing Company at $25 Billion

Maxine SotoOct 07, 2016

Snap Inc, Snapchat's parent, is reportedly starting to prepare for an initial public offering with a view to selling shares as soon as March, according to a report by the Wall Street Journal. In May, Snap was valued at $17.8 billion in its last funding round.

According to a technology website, the company worked with investment bankers for the IPO to be at the end of this year or early next year.

It would also represent the largest IPO by a technology company since Chinese e-commerce giant Alibaba Group Holding Ltd BABA.N went public in 2014.

Snapchat had 150 million people using its ephemeral messaging app on a daily basis in June, up 36% compared to December 2016 and beating Twitter which had 140 million daily active users.

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The IPO is likely to value the California startup at over $25 billion, according to the report, making it the largest on a USA exchange since 2014, when China's Alibaba hit the market.

The third quarter was a quiet one for IPOs in the US, with just 35 deals raising $6.4 billion, down slightly from the same quarter a year ago, says EY.

Snapchat is looking for a valuation of about $25 billion or higher.

Cathy Boyle, principal analyst at eMarketer, recently said Snapchat's bright outlook has everything to do with its young user base.

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In September the company announced it was expanding its business beyond the app to launch Spectacles, glasses that can record 10-second clips that can be sent to smartphones.

Snap Inc CEO Evan Spiegel said at a May 2015 tech conference: 'We need to IPO, we have a plan to do that. Snapchat, the disappearing-message service, has been quiet following a security breach that allowed hackers to collect the usernames and phone numbers of millions of its users.

The company also said that it would released a new product, sunglasses that are equipped with wireless video camera.

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