Snapchat Is Very Close to Becoming a Public Company

Snap Inc. has filed paperwork with the U.S. Securities and Exchange Commission for its highly-awaited initial public offering, according to a Wall Street Journal report on Tuesday.

Past reports have suggested that Snap, the company behind the popular ephemeral messaging app Snapchat, is aiming to go public next year. The social messaging brand likely filed confidentially for an IPO under the Jumpstart Our Business Startups (JOBS) Act, which took effect in 2013 and allows smaller companies with under $1 billion in revenue to file for an IPO privately.

Snapchat’s sales are reportedly expected to hit $250 million to $350 million this year, and as much as $1 billion next year. In September, the company changed its corporate name to Snap, Inc. as it simultaneously unveiled a pair of video-recording sunglasses designed to let the wearer capture short video clips and post them on Snapchat.

Last week, Snap revealed that its glasses are starting to be sold through vending machines called “Snapbots.”

Snapchat reportedly filed with the SEC before the U.S. presidential election on November 8, and the offering could value Snapchat’s parent company between $20 and $25 billion. The offering, which aims to raise as much as $4 billion, could take place as early as March.

The latest report departs from previous estimates pegging the company’s value during an IPO at $25 to $35 billion, higher than the $20 billion valuation Snap received when it raised funding earlier this year.

The company has chosen Morgan Stanley and Goldman Sachs as its lead bankers for the offering.

A spokesperson for Snap declined to comment on the report.

This article originally appeared on Fortune.com