Snapchat Parent Rockets Higher in Wall St. Debut
The company behind Snapchat is trading sharply higher in its Wall Street debut.
Early Thursday afternoon, shares of Snap Inc. were up $8.10, or 47.7 percent, to $25.10 a share.
It had priced its initial public offering of 200 million non-voting shares at $17 each on Wednesday. That was 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.
To Read The Full Story
Are you already a subscriber?
Click "Sign In" to log in!
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.
