Snap starts trading at $24, up 41% from IPO price

06 Mar 2017

Snap IPO New York Stock Exchange NYSE 930x698Snap, 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



Upcoming Events

No events

Contact Us

 We are "Crazy" about startups. We would love to hear from you. Use the directory below to contact us.


Letters to the Editor:info@crazyaboutstartups.com - Share your opinions, ideas or news with our editorial staff.

Feedback:feedback@crazyaboutstartups.com - Reach us with your comments, suggestions, bugs, issues or problems related to the site, content or anything in general.

Press Releases:pr@crazyaboutstartups.com - Send us your press releases about your startup. We would love to know whats happening.

Contribute: guest@crazyaboutstartups.com - Are you an expert in the field of startups? Join us to share your knowledge, experiences and views with the world.

Advertising:ads@crazyaboutstartups.com - Contact us for advertisement opportunities. Increase your products / services awareness with the startup community.

Events:events@crazyaboutstartups.com - We are also crazy about startup events. We would love to cover your events. Let us know about your events.

Experts:experts@crazyaboutstartups.com - Reach our panel of highly experienced experts with your queries regarding startups. We would love to help you.

For any other queries or just drop in a "Hi" mail us at crazy@crazyaboutstartups.com