Photo-sharing app Snapchat has chosen Morgan Stanley and Goldman Sachs Group Inc as lead bankers for its initial public offering, which could happen as soon as March, Bloomberg reported, citing people familiar with the matter.
The banks were notified of their role early this week, according to the report.
Snapchat’s parent is working on an initial public offering that could value the company at $25 billion or more, the Wall Street Journal reported last week.
JPMorgan Chase & Co, Deutsche Bank AG, Allen & Co, Barclays Plc and Credit Suisse Group AG will also be involved as joint book runners, Bloomberg reported on Wednesday.
Snapchat and the lead bankers were not immediately available for comment.