Snap's first day as a publicly traded stock - ticker SNAP - has exceeded expectations: Thursday afternoon, shares in the Snapchat creator closed at $24.48, almost 50% higher than its initial Wednesday night share price of $17. That has investors wondering whether the company will end up more like Twitter, with its troubles attracting users and declining stock price, or Facebook, with soaring user numbers and stock price. Both she and his son confirmed that they used the app several times a day to message friends.
The shares were set to begin trading Thursday under the symbol SNAP on the New York Stock Exchange.
The board of the Saint Francis high school in Mountain View, Calif., agreed to invest $15,000 USA in seed money in Snap in 2012, when the company was just getting started.
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Nicole Bullock, the USA equities correspondent for the Financial Times, people were excited about the float because there had been a drought of big tech companies listing for the last few years.
Snap's valuation is far below that of Facebook's $397 billion. Protesters concerned about Snap's effect on the neighborhood gathered outside the headquarters for days before its stock market debut Thursday morning. Their remaining stakes, of about 210 million shares, are worth about $5.2 billion each based on the stock's first-day closing price.
The bullish response to Snap's IPO comes after 2016 ended up being the worst year for tech startup listings since 2009, according to the Financial Times.
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Snap raised Dollars 3.4 billion during its IPO, selling 200 million shares at USD 17 per unit, Bloomberg reported. In particular, Facebook's Instagram may emerge as a substitute for Snapchat. It is looking to price 200 million shares on Wednesday night at a range of $14 to $16 a share. Snap is also growing quickly, generating revenue past year of $404.5 million, more than six times what it generated in 2015.
Snap is easily the biggest tech IPO since Alibaba debuted in 2014, although it is still dwarfed by the Chinese e-commerce giant's initial market value of $231 billion. And the SF Growth Fund - the private school's student-run endowment fund that helps pay for scholarships and subsidize tuition - also got in one of Snap's early investments rounds for an undisclosed amount of money, according to the Silicon Valley Business Journal.
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