Snap, the company that runs Snapchat, opened on the New York Stock Exchange this morning at $24 per share. At that price, the company had a valuation of $33.6 billion,Investors Business Dailyreported. There was a large volume of shares being traded — more than 105 million, in fact.
Yesterday Snap raised $3.4 billion in its initial public offering (IPO) and set its stock price at $17 per share, giving the company a valuation of $24 billion.
Last month, Snap had set an initial range of $14-16 per share.
For the NYSE, Snap’s IPO represents a rare moment; social networks scarcely go public.
Snapchat has grown considerably since 2011, when the service first gained fame as a so-called sexting app. But despite its popularity, Snap has some investors worried. Snapchat’s growth rate has slowed in last year, and the mobile-social network faces increasing competition from Facebook, which has ceaselessly and shamelessly replicated Snapchat’s marquee features.
Source : Venturebeat