(Bloomberg) -- Snap Inc. started strong in its first day of trading, opening 41 percent above the $17 initial public offering price. Over the past five years, 17 companies have each raised at least $2 billion in IPOs on U.S. exchanges, and Snap's opening gain outperformed all of them except for Twitter Inc.
Shares in Twitter opened up 73 percent in their 2013 debut, but have since reversed course, now down by about 39 percent from the IPO.
Snap is the first social media company to go public since Twitter. The IPO on Wednesday priced above a $14 to $16 offer range in the year's first technology listing. Goldman Sachs and Morgan Stanley led the IPO.
To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net.
To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net, Richard Richtmyer
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
