Snap Inc, the parent of popular app Snapchat, has chose Morgan Stanley and Goldman Sachs to lead its public offering as soon as March 2017, according to Bloomberg.
The IPO would be the largest social media debut since Twitter in November 2013. Snapchat was valued at $18 billion after its last funding round.
JPMorgan Chase, Deutsche Bank, Allen & Co., Barclays, and Credit Suisse will be joint book runners for Snap's market debut, the report says. With under $1 billion in revenue, Snap could file a confidential S-1 filing with the Securities and Exchange Commission under the JOBS act.
The Wall Street Journal previously reported Snap will make between $250 million and $350 million in advertising revenue in 2016, with more than 150 million daily active users.