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VOL. 41 | NO. 9 | Friday, March 03, 2017
Snapchat parent rockets higher in Wall Street debut
NEW YORK (AP) — The company behind Snapchat is trading sharply higher in its Wall Street debut.
Snap Inc. jumped $7, or 41 percent, to $24 a share.
It had priced its initial public offering of 200 million non-voting shares at $17 each on Wednesday. That's above the expected range of $14 to $16.
Snap's IPO is one of the most anticipated for a technology company since Twitter's in 2013. That, in turn, had created the biggest stir since Facebook took its first bow on Wall Street in 2012. Twitter is now valued at $11 billion, while Facebook is $395 billion. Snap's pricing valued the Los Angeles company at $24 billion.
Snapchat is best known for disappearing messages. It's popular with young people, but growth has slowed down in recent months.