Deals
Snap Leaps in Debut Even as Concerns Over Growth Threaten Rally
- Shares closed at $24.48 apiece, well above IPO price of $17
- IPO valued app maker at twice Facebook’s sales multiple
How Will Snap Manage Expectations After Trading Debut?
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Snap Inc. surged 44 percent in its stock market debut, valuing the disappearing-photo app maker at more than $28 billion.
That’s a vote of confidence in the company’s ability to grow quickly and fulfill its promise of new products to change how people communicate. Snap, which started with a mobile phone app for sending vanishing photo and video messages, has been building out its advertising and media business, reminding investors of the early days of Facebook Inc. and Google’s YouTube.