Did a Snapbot make a surprise appearance at Securities and Exchange Commission headquarters, or did Snapchat parent Snap Inc. file its initial public offering documents via a more traditional courier?
Lauren Hirsch, Liana B. Baker and Matthew Toole of Reuters reported that Snap Inc. secretly filed for an IPO at some point before Election Day, noting that secret IPO filings are permitted for companies with less than $1 billion in revenue.
According to Reuters, the IPO could occur as soon as March, and the company would be valued at $20 billion to $25 billion.
For comparison’s sake, when Facebook filed its IPO documents with the SEC in February 2012, the company was valued at $81.2 billion. Facebook’s IPO launched May 18, 2012.
Snap Inc. raised $1.81 billion in May, valuing the company at about $20 billion, according to Reuters.
Sarah Frier and Alex Barinka of Bloomberg News reported last month that Morgan Stanley and Goldman Sachs Group will lead the IPO, and JPMorgan Chase, Deutsche Bank, Allen & Co., Barclays and Credit Suisse Group will serve as joint book runners.
Readers: What are your thoughts on Snap Inc. going public?