Snapchat heads for possible $25bn flotation
14th October 2016
Snap Inc, the owner of messaging app Snapchat, has moved a step closer to listing its shares on the stock market after settling on which banks will help with the flotation.
Sources close to the deal confirmed Morgan Stanley and Goldman Sachs would underwrite the initial public offering (IPO).
Several other banks will be involved in the complex process.
The IPO is expected to value the company at $25bn (£20.5bn).
The listing - which could happen by March next year - would be the largest social media float since Twitter went public in November 2013.
Snapchat has seen its...