Snap Jumps in Debut After App Maker Raises $3.4 Billion in IPO
(Bloomberg) -- Snap Inc., the first technology company to go public in the U.S. this year, jumped in its debut after the disappearing-photo app maker priced its initial public offering above the marketed range.
Shares opened at $24, giving the company a market valuation of about $27.8 billion, based on the total number of shares outstanding after the offering in the deal prospectus. Snap sold 200 million shares in its initial public offering at $17 each, according to a statement Wednesday.
The company priced its shares above the marketed range of $14 to $16 each, in the biggest social-media IPO since Twitter more than three years ago.
To contact the reporter on this story: Alex Barinka in New York at abarinka2@bloomberg.net.
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Devin Banerjee
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