Snap Inc., the owner of the popular messaging service Snapchat, has chosen Intercontinental Exchange Inc.'s New York Stock Exchange (NYSE) for its initial public offering (IPO), a person familiar with the matter said on Monday.
Snap Inc. began the IPO process late past year under regulations that allow early stages to be kept confidential.
Morgan Stanley and Goldman Sachs are leading the listing, while JP Morgan, Deutsche Bank, Allen & Co, Barclays and Credit Suisse are joint bookrunners.
The fact that Snapchat is going public hasn't been kept a secret.
The IPO move by California-based Snap would build on a trend of the Nasdaq no longer being the preference of private tech companies looking to go public. This is yet another step that brings the company closer to being a publicly-traded company, which will finally give Wall Street a tech IPO in 2017 following AppDynamics being snapped up just before its IPO scheduled for this week.
The selection comes as Snap prepares to make its earnings public this week ahead of the IPO that is expected in March.
Over the past few years, the popularity of Snapchat has become unrivaled.
Meanwhile, the Snap IPO will be one of the biggest events to happen on the NYSE in the recent months. Snap Inc. has yet to comment on the "initial public offering". but you can below. If Snapchat can live up to its hype, the VC space might see a much-needed spark after a decidedly cool period. CNBC's Bob Pisani first reported on the news.