Snapchat working on $25b IPO

A billboard displays the logo of Snapchat above Times Square in New York

Company executives are working on the paperwork to take the firm public, perhaps as early as March, The Wall Street Journal reported.

Snap, formerly known as Snapchat, is the highly anticipated company yet to go public, along with Uber.

"Underpinning Snap's valuation is the company's dramatic revenue growth since it first started running advertisements in 2014", adds the WSJ.

The news comes from the Wall Street Journal, which cited several people familiar with the matter.

Snap makes the majority of its money from ad revenue, and is growing by leaps and bounds year-over-year.

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Snapchat users share photos and short videos with each other. Popular marketing offerings include location- and event-based geofilters, lenses and ads that appear in between content from media partners. The overall IPO market has been weak too largely because of the dearth of tech offerings. Last year Fidelity marked its own shares in the company down 25%, effectively wiping billions off the company's valuation by itself. During its last funding round in May, Snap's valuation was pegged at $17.8bn.

Ernst & Young has predicted 2017 will be a year when the IPO market rebounds following a quiet 2016.

"We're building a really robust pipeline next year, is what's happening", Ernst & Young Americas IPO markets leader Jackie Kelley told June, clarifying that "we" referred to USA markets. The newspaper noted that there was no guarantee that the sale would proceed in that time frame. An IPO is really important'.

Facebook's advertising business continues to chug along as what would likely be considered the primary competitor, and after failing to snap up the company, it's thrown an enormous amount of effort at copying and beating out Snapchat's features.

Last month, the company unveiled Spectacles, video camera-equipped sunglasses that let people shoot videos to be uploaded to Snapchat. The Journal also said Snap hasn't yet hired a bank to help work on its S-1 public filing affidavit. Snap has raised about $2.4 billion from private investors since its founding in 2011.