Snapchat is reportedly prepping for an IPO.
The social media company has yet to hire anyone to handle the IPO, so there isn’t currently a concrete timeline. However, The Information reports that Snapchat is looking to file either by the end of this year or early next year, so we could expect a public offering sometime in 2017.
“Whether and when we go public will depend on a variety of factors, many of which are beyond our control,” a Snapchat spokesperson told The Information. Despite the vague response to IPO rumors, the company’s CEO Evan Spiegel has been quite vocal about his desire to go public in the past. At a conference last year he declared, “We need to IPO. We have a plan to do that.”
Earlier this year Snapchat reported that it was receiving 10 billion views a day, and it was valued at $20 billion. It brought in just $60 million in revenue last year, but appears to be growing rapidly. The company is expecting to bring in over $300 million this year, and has projected $1 billion in revenue for 2017.
The IPO market has been relatively quiet this year, particularly for tech companies. That would likely increase the hype around a Snapchat IPO.
Snapchat could not immediately be reached for comment.