Snapchat Just Filed Quietly For One Of The Biggest IPOs

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Celebrities, singers, and regular folk, have scrambled to get on Snapchat in recent years. The app earned the title of Fastest Growing App of 2014.

A source familiar with the situation said on Tuesday that Snapchat has filed for an initial public offering. Companies with less than $1 billion in revenue can secretly file for an IPO.

This means the popular app is nearing closer and closer to what could be the biggest U.S. stock market debut since Chinese e-commerce giant Alibaba Group Holding Ltd’s (BABA.N) went public with a value at $170.9 billion. It would also be the biggest tech IPO since Facebook debuted in 2012 at $81.2 billion.

Snapchat’s IPO could be as early as next March with a valuation of $20-$25 billion.

Snapchat filed with the Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act.

Reuters was first to report news of the confidential filing.