Snapchat has officially filed for its IPO in secret, possibly to keep details under wraps until the formal IPO process. It plans on going public some time early next year. Filing for IPO’s confidentially gives businesses a little time between when the SEC gets its documents and when it becomes public.
Snapchat is based in Venice, CA and was founded by Evan Spiegel in 2011. It has quickly grown to one of the most used apps by young people and its IPO has been talked about for some time now. With this announcement, the company could go public as early as March. Companies with less than $1 billion in annual revenue can file confidentially with the SEC under the JOBS act.
Snapchat has about 150 million daily users and the company is targeting as much as $1 billion in revenue for 2017. Reports are expecting Snapchat to be valued at $20 billion to $25 billion after the IPO. I guess we will just have to wait and see.
H/T: Tech Crunch
