Snapchat secretly files for IPO according to report

Snap Inc, Snapchat's parent company, has filed for initial public offering, unnamed sources told Reuters.

The move, which could happen as early as March 2017, would make it the biggest stock market opening in more than two years, when Alibaba Group went public with a value of $170.9 billion, and the biggest US tech IPO since Facebook's debut in 2012 (coincidentally Snapchat's birth year).

Snapchat recently announced and released its first hardware foray; sunglasses with in-built cameras called Specs, and remains one of the biggest social media apps in existence today, with around 150 million daily users.

According to the Reuters report, Snapchat filed with the Securities and Exchange Commission under the U.S. Jumpstart Our Business Startups Act. This allows companies with less than US$1 billion in revenue to secretly file for an IPO, which in turn allows these companies to keep their financials under wraps while testing the financial waters.