Snap Inc chose NYSE for its initial public offering

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Snap Inc, the owner of the popular messaging service Snapchat, has chosen Intercontinental Exchange Inc’s New York Stock Exchange (NYSE) for its initial public offering (IPO), a person familiar with the matter said on Monday.

The selection comes as Snap is preparing to make its earnings public this week ahead of the IPO that is expected in March. It represents a setback for Nasdaq Inc, which was also vying to host Snap’s IPO, reports Reuters.

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The Snapchat logo is seen on a banner outside the New York Stock Exchange (NYSE) in New York City, U.S.

The source asked not to be identified because the matter is not public. Snap and Intercontinental Exchange declined to comment, while Nasdaq did not immediately respond to an exchange for comment. CNBC first reported on Snap’s NYSE selection.

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