Snap has selected to go public on the New York Stock Exchange, a source cited in Reuters says.
According to a person familiar with the matter, Snap hopes its IPO—which appears slated for March—will value the company at $25 billion. If so, it would be the largest US technology IPO since 2012, when Facebook went public.
Nasdaq had also been courting Snap. The exchange went so far as to fly round Manhattan in a helicopter recording aerial footage on a pair of Spectacles, Snap’s eye glasses product.
The last high-profile tech IPO was Twitter in 2013. Twitter also chose NYSE. This marked a shift, as prior to this IPO, tech companies—including Facebook—typically chose Nasdaq.