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Snapchat has reportedly chosen Morgan Stanley and Goldman Sachs for its IPO

Snap Inc., the parent company of Snapchat, has reportedly chosen bankers for its initial public offering.

Morgan Stanley and Goldman Sachs will lead the deal, according to Bloomberg’s Sarah Frier and Alex Barinka.

The photo-sharing company could list as soon as March 2017 at a valuation of $25 billion, according to people familiar with the matter.

The March timing would be a best-case scenario, and could depend on the outcome of the presidential election and the state of the capital markets, according to one source.

Snap is one of the most hotly-anticipated IPOs since Alibaba’s $25 billion listing in 2014.

Bankers say they have been courting Snap for months in anticipation of an IPO. It’s seen as best positioned to approach the IPO markets early in the year among tech companies expected to float their shares in 2017, according to another person.

Snap has told investors that it expects to make between $250 million and $350 million in advertising revenue this year, according to The Wall Street Journal. A recent eMarketer report predicted that the company will near $1 billion in revenue in 2017 — meaning a $25 billion IPO would be priced at 25 times its projected revenue numbers.

The company could file its S-1 document confidentially under JOBS Act rules for companies with revenues under $1 billion.

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