Snapchat Selects Morgan Stanley, Goldman Sachs To Lead IPO, Says Report

Venice-based Snapchat has selected two investments banks--Morgan Stanley and Goldman Sachs--to lead the company's much anticipated IPO, according to a report from Reuters Wednesday afternoon. The report--citing "a source familiar with the situation"--said the IPO would value Snapchat at $25 billion. The report said that JPMorgan Chas & Co., Deutsche Bank, Allen & Co, Barclays, and Credit Suisse will also be involved in the IPO effort. Snapchat--which recently renamed itself Snap, Inc.--has been looking for an investment bank to lead the IPO for a number of months.