Snapchat IPO
Snapchat privately filed for an IPO on Nov. 8, 2016. REUTERS/Lucy Nicholson

Snapchat parent Snap Inc. plans to list its initial public offering (IPO) on the Intercontinental Exchange Inc's New York Stock Exchange, according to Reuters.

Snap’s alleged selection is a setback for NASDAQ, which had fought to get the company on its side. Snap’s IPO could be the biggest U.S. tech company debut since Facebook in 2012.

The decision comes as Snap prepares to reveal its filing to the public this week. The company is expected start offering shares as soon as March. The company hopes its IPO could value it as much as $25 billion. For the NYSE, the listing would most likely generate a few hundred thousand dollars in fees annually. However, the big-name IPO could help out NYSE with more business, and amount of victories against NASDAQ, which was previously seen as the natural pick for the tech industry.

Both the NYSE and NASDAQ courted Snap for the listing, with NASDAQ hiring a helicopter to film Manhattan's skyline using Snap's Spectacles, while the NYSE invited Snapchat users with a large, bright yellow banner outside its building.

The decision comes after Snap quietly filed for an IPO last year. Snap filed with the Securities and Exchange Commission (SEC) on Election Day, and chose to keep its filing confidential under the U.S. Jumpstart Our Business Startups Act, which allows companies with less than $1 billion in revenue to keep financials private. The company chose Morgan Stanley and Goldman Sachs to lead its offering.

Twitter was the last major U.S. internet company to go public and chose NYSE in 2013. Other tech companies are expected to seek IPO venues over the next few years, including AirBnB and Spotify.