The company behind the app, which its 26-year-old founder Evan Spiegel created at his Stanford University fraternity house in 2011, is said to have appointed Wall Street banks Morgan Stanley and Goldman Sachs to lead its initial public offering (IPO) on the New York stock exchange as early as March 2017.
The fact that Snapchat is getting ready to sprint towards an IPO is not a big surprise. Evan Spiegel, CEO of Snapchat, has said he is willing to do so on multiple occasions. He also hired Imram Khan, a former investment banker who worked on Alibaba’s giant $140B IPO at 2014, as the Chief Strategy Officer.
The company began in 2011 when co-founder and chief executive, 26-year-old Evan Spiegel, was still at university.
Snap now has nearly 160 million daily users and last year revenues grew by nearly 600%, the listing documents revealed.