Snapchat’s parent company confidentially filed papers with the US Securities and Exchange Commission (SEC) for an initial public offering that could take place as early as March.

The firm is eyeing a valuation of $20 billion to $25 billion, sources told Bloomberg, although no final decision has been made on size or timing of the offering.

According to the ‘Jumpstart Our Business Startups Act’ in the US, companies with revenue of less than $1 billion can file for an IPO confidentially and work out details with the SEC without public scrutiny.

It was reported last month that Snap was looking to raise as much as $4 billion, with a valuation of $25 billion to $35 billion, with the figure potentially going as high as $40 billion.

“While the company’s management doesn’t think a Trump presidency is likely to have a negative impact on the business, they will be closely tracking market volatility and could delay the IPO if needed,” the Bloomberg report said.

After its last funding round, Snap had a market value of $18 billion, which means its IPO would be the biggest of a social media company since Twitter’s in 2013.

In October, the company, which started off as an ephemeral app maker but has since delved into hardware with Spectacles, picked Morgan Stanley and Goldman Sachs as bankers for its IPO.

Just last week it announced that Spectacles, which come with an integrated video camera that connects directly to Snapchat, will be sold through vending machines called Snapbots.

As for Snapchat, about 150 million people use it daily, viewing more than 10 billion videos. It has pioneered new forms of advertising such as sponsored filters and the firm aims to generate more than $350 million in advertising revenue from the app this year, up from $59 million in 2015.