Snapchat IPO: Founder Evan Spiegel reveals plans to take messaging app public
Evan Spiegel, the co-founder and chief of the billion-dollar app Snapchat, has said the company is planning an IPO.
"We need to IPO," the 24-year-old told a tech conference, ruling out an acquisition by a larger company.
Spiegel did not divulge the time frame Snapchat is following to take the hugely popular app public, but said "we have a plan to do that," speaking on stage at Recode's Code Conference in San Francisco.
Snapchat boasts millions of users – mainly aged under 30 – and a $15bn dollar valuation. Spiegel previously turned down an offer of $3bn for the company from Facebook. He said it was "more fun that way", talking about remaining an independent company.
Despite Snapchat's own sky-high valuation, Spiegel warned the tech bubble could be about to burst.
"I think that people are making riskier investments and … there will be a correction,” he said.
"It's definitely something we factor into our plans," he added.