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Snapchat’s Parent Files for a Stock Offering

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Pedestrians walked past a Snapchat sign outside of the New York Stock Exchange last month in Manhattan. Credit Michael Nagle/Bloomberg

The parent of Snapchat has filed confidentially to go public, with an eye toward being valued at $ 20 billion to $ 25 billion, people briefed on the matter said on Tuesday.

Snap Inc., as the company is known, filed a preliminary prospectus with the Securities and Exchange Commission before the presidential election, one of these people said.

In filing confidentially, Snap took advantage of financial regulations that allow companies with revenue of less than $ 1 billion to file confidentially, allowing them to do much of their preparation for an initial public offering without the glare of public scrutiny.

The company’s offering could be held as soon as March, though it may also slip into the second quarter of 2017.

A spokesman for Snap declined to comment.

Snap has hired the investment banks Morgan Stanley and Goldman Sachs, people briefed on the matter said.

The confidential filing was reported earlier Tuesday by Reuters.

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