Snapchat parent company Snap Inc. is expected to list its shares on the New York Stock Exchange.

The Los Angeles-based company filed last fall confidential paperwork for an IPO, setting the wheels in motion for what’s likely to be the largest tech debut in years.

The IPO, which could come as early as March 2017, is reportedly estimated to come in at a valuation of $20 billion to $25 billion.

This is significantly higher than the $3 billion buyout offer that Facebook put on the table in 2013. Morgan Stanley and Goldman Sachs Group will reportedly serve as lead underwrites.

The offering price (or IPO price) is decided the night before a company’s shares hit the market, based on the appetite for the stock by those institutional investors I discussed earlier.

Typically, high-volume traders who are clients of the banks organizing the public offering are able to get in at the IPO price.

Everyone else has to wait until the stock officially opens for trading. If the bankers have done their jobs properly, the opening price will be higher than the IPO price, ensuring that early shareholders have already made a quick buck.