Snapchat parent company Snap will reportedly file for its public offering with the New York Stock Exchange (NYSE) late next week.
The company is currently preparing to make its earnings public ahead of what will likely be a March IPO. The decision of Snap leadership to list with NYSE could represent a setback for Nasdaq, which Reuters reports also hoped to host the listing.
Snap apparently hopes that its IPO could increase its value to as much as $25 billion USD, which would make it the largest United States-based tech IPO since Facebook filed in 2012.
In 2012, Nasdaq commanded 85 percent of technology IPOs, though things had shuffled by 2014 when its share had plunged by 11 percent. This is largely attributed to issues with Facebook’s IPO in 2012. After Facebook, the next high profile tech company to go public was Twitter in 2013.
Newer tech companies such as AirBnb and Shopify are expected to seek IPOs in the near future.