Photo-sharing app Snapchat has chosen Morgan Stanley ms and Goldman Sachs gs as lead bankers for its initial public offering, which could happen as soon as March, Bloomberg reported, citing people familiar with the matter.

The banks were notified of their role early this week, according to the report.

Snapchat’s parent is working on an initial public offering that could value the company at $25 billion or more, the Wall Street Journal reported last week.

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J.P. Morgan Chase jpm , Deutsche Bank db , Allen & Co, Barclays bcs , and Credit Suisse csgkf will also be involved as joint book runners, Bloomberg reported on Wednesday.

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Snapchat and the lead bankers were not immediately available for comment.