The company behind the Snapchat messaging app has reportedly filed papers for an initial public offering that could value it at up to $25 billion, according to news reports.
Snapchat changed its name to Snap in September to reflect the company’s growing interest in new markets beyond its messaging platform that lets users send disappearing photos and stories. It recently introduced its video camera-equipped sunglasses called Spectacles.
The company said that the name change would make it easier for people to search online for its products. “You can search Snapchat or Spectacles for the fun stuff and leave Snap Inc. for the Wall Street crowd :),” Snap CEO Evan Spiegel wrote in a blog post in September.