After turning down an offer from Facebook worth $3 billion less than two years ago, CEO and co-founder of Snapchat, Evan Spiegel, says he has no intention to sell his business, The Wall Street Journal reported.
Spiegel has announced his business plans for the video messaging application, which is currently valued at $15 billion, five times as much as the Facebook offer. At the Recode Code Conference in Rancho Palos Verdes, California, Spiegel publicly acknowledged his plans for an IPO.
"We need to IPO, we have a plan to do that," he announced on Tuesday.
Spiegel, however, did not reveal any details about when the IPO would take place, according to Business Insider.
Snapchat, the application that allows users to share photos and videos with others for a limited period of time, is becoming increasingly popular among the youth. Spiegel revealed that approximately 100 million users were logging in to the app every day.
"What's important is that 65 percent of (those users) are creating content," he said. "That gives you some sense of the investment that Snapchatters are making."
In spite of its tremendous growth, Snapchat is yet to make significant profits. In January, the company revealed that it intended to generate additional revenues through advertising, according to CNET.
The 24-year-old CEO and co-founder has also set his sights on taking Snapchat beyond messaging to become a next-generation media business.
The firm has entered into agreements with media brands such as National Geographic and Comedy Central in its Discover feature, allowing them to display news articles and videos on the application, according to Fortune.
