Snapchat said to have picked bankers for IPO

San Francisco

THE newest generation of technology darlings has signalled that it is about to come of age: Snapchat, the messaging service beloved by teenagers, is preparing to step out into the public markets. The company - born only five years ago - may end up ushering in a wave of huge tech initial public offerings (IPOs) at a time when Wall Street has seen few such big deals.

Snapchat's parent, recently renamed Snap Inc, has hired the investment banks Morgan Stanley and Goldman Sachs, essentially firing a starting gun for a potential stock sale as soon as the first quarter of next year, people briefed on the matter said on Wednesday.