Snap, the parent of Snapchat, will be listing on the New York Stock Exchange, TechCrunch has confirmed. The news was first reported by the Wall Street Journal.
This means that you can expect to see a big Snapchat banner on Wall Street and that executives will probably be ringing the opening bell when the company debuts, likely in March.
The move sends the message that Snap wants its IPO to appear more like Twitter’s than Facebook’s, which went public on the Nasdaq with some difficulties.
It’s also a big victory for the NYSE, after seeing most of 2016’s tech listings go Nasdaq. The two had been competing head-to-head for several prior years.
Apple, Alphabet, and Amazon all listed on the Nasdaq, the exchange that became associated with tech for decades. But the NYSE has been inching in on their space, claiming companies like Alibaba and Square.
In an effort to continue its association with the tech community, the Nasdaq opened up its Entrepreneurial Center in San Francisco in 2015. Run by a separate non-profit, the group mentors up-and-coming startups and also provides a West Coast location for ringing the opening or closing bells.
The Nasdaq also has its own index, called the Nasdaq 100, which incorporates many tech giants including Microsoft, Intel and eBay.
Snap is expected to reveal its IPO filing later this week. That would mean the investor roadshow is slated to kick off in late February and the public debut would happen in early March.
Both the New York Stock Exchange and the Nasdaq were unable to comment on Snap’s listing plans.