Snapchat Maker Picks Bankers for March IPO (Report)
Snapchat maker Snap Inc. is getting ready to go public: The company has picked Morgan Stanley and Goldman Sachs as the leading banks for its public offering, according to a Bloomberg report. Snap plans to go public as early as next March.
Bloomberg cites unnamed insiders saying that JPMorgan Chase , Deutsche Bank, Allen & Co., Barclays and Credit Suisse will also be involved in the IPO.
Snap Inc. is currently being valued $18 billion. Its Snapchat service currently has 150 million daily active users, and in fact surpassed Twitter on this front earlier this year.
The company behind Snapchat recently renamed itself to Snap Inc., and announced the launch of its first hardware product last month: Snapchat Spectacles are video-enabled sunglasses that allow wearers to record short video clips and share them on Snapchat.
The product will likely sell in limited quantities for $130 later this year, and isn’t expected to generate significant revenue for Snap Inc. in the near future. The money-maker for Snap Inc. is still Snapchat itself, which aims to bring in more than $350 million in ad revenue in 2016.
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