The image of Snapchat CEO Evan Spiegel ringing the NYSE Opening Bell would last a lot longer in investors’ minds, than the typical 10-second Snapchat photo.
Snapchat, the social network that rose to fame by enabling its users to swap disappearing pictures, is reportedly prepping for an IPO – but the Opening Bell probably won’t be ringing any time soon.
According to sources familiar with the matter, the company could file for an IPO as early as the end of 2016. There is no news yet on whether Snapchat has hired anyone specific to handle an eventual IPO – but presuming the company is planning to file for an IPO this year, then investors can expect the company will go public sometime in 2017. In a statement, a Snapchat spokesperson told The Information that there is no concrete date set for the IPO: “Whether and when we go public will depend on a variety of factors, many of which are beyond our control”
Snapchat gearing up for an IPO wouldn’t be too much of a shock to those familiar with CEO Evan Spiegel. In 2015, he was quoted as saying “We need to IPO, we have a plan to do that… An IPO is really important” The company is on track to make more than $300M of revenue in 2016 – most of which comes from video ads, photo ads within company-run channels, and sponsored ‘lenses’ users can add to their pics and videos.