Deals
Snap Jumps in Debut After App Maker Raises $3.4 Billion in IPO
- Shares open at $24 apiece, above IPO price of $17 each
- IPO valued app maker at twice Facebook’s sales multiple
Snap Opens at $24 on NYSE as Shares Surge
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Snap Inc., maker of the disappearing photo app that relies upon the fickle favor of millennials, jumped in its trading debut after pricing its initial public offering above the marketed range.
Shares opened at $24 and traded as high as $25.42 apiece Thursday, giving the company a market valuation of about $29 billion, based on the total number of shares outstanding after the offering in the deal prospectus.