Vanity Fair New Establishment Summit - Day 1
Snapchat CEO Evan Spiegel onstage during "Disrupting Information and Communication" at the Vanity Fair New Establishment Summit at Yerba Buena Center for the Arts on October 8, 2014 in San Francisco, California.  Photograph by Michael Kovac — Getty Images for Vanity Fair

Snapchat Has Chosen These Finance Giants to Lead Its IPO

Updated: Oct 12, 2016 7:52 PM UTC

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.

Get Data Sheet, Fortune’s technology newsletter.

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.

For more about Snapchat's potential IPO, watch:

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