Snap this week hired Morgan Stanley and Goldman Sachs Group to manage its IPO, according to multiple reports citing people familiar with the matter. JPMorgan Chase, Deutsche Bank, Allen & Co., Barclays and Credit Suisse Group reportedly also will play a role. The IPO, expected as early as this spring, could result in a valuation of $25 billion or more. That would make Snap one of the highest-profile IPOs in years. It also would make it the biggest company to go public on an exchange in the U.S. since Alibaba's 2014 debut.