Snapchat’s parent Snap Inc. has reportedly chosen the New York Stock Exchange (NYSE) for its initial public offering, which it’s expected to publicly file for later this week.
CNBC first reported the choice early Monday morning, and sources later confirmed it to other outlets.
Snap’s choice follows the industry’s shift away from Nasdaq. According to a Thomson Reuters report, Nasdaq hosted just 11 percent of technology IPOs in 2014, after previously holding 85 percent. In 2013, its parent company was fined $10 million after a computer glitch botched Facebook’s IPO. When Twitter filed its IPO in 2013, it also chose NYSE.
In November, the Los Angeles-based Snap quietly filed for IPO, with reports that it could go public by March. The company’s valuation is rumored to reach $25 billion, which would make it the biggest IPO filed by a technology company since Facebook in 2012.
Earlier this month, GeekWire reported Snap is set to significantly expand its Seattle engineering office, striking a deal to obtain an additional 50,000 square feet.