Snapchat hires Morgan Stanley and Goldman for IPO

U.S. photo-sharing app Snapchat has chosen Morgan Stanley and Goldman Sachs as it prepares for an initial public offering as early as March that is expected to value the technology company at between $20bn and $25bn.

The two investment bankers were notified of the selection early this week, says a report from Bloomberg.

JP Morgan Chase & Co, Deutsche Bank AG, Barclays Plc and Credit Suisse Group will also be involved as joint book runners.

The company, which started in 2012 as a mobile app, allows users to send photos, which vanish within seconds. With an active user-base of over 100 million people, the firm managed to raise $1.81 billion in May, which valued the Los Angeles-based Snapchat at $20 billion.