Snapchat parent rockets higher in Wall Street debut
NEW YORK - The company behind Snapchat is trading sharply higher in its Wall Street debut.
Snap Inc. jumped $7, or 41 percent, to $24 a share.
It had priced its initial public offering of 200 million non-voting shares at $17 each on Wednesday. That's above the expected range of $14 to $16.
Snap's IPO is one of the most anticipated for a technology company since Twitter's in 2013. That, in turn, had created the biggest stir since Facebook took its first bow on Wall Street in 2012. Twitter is now valued at $11 billion, while Facebook is $395 billion. Snap's pricing valued the Los Angeles company at $24 billion.
Snapchat is best known for disappearing messages. It's popular with young people, but growth has slowed down in recent months.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
LSU Board of Supervisors holds a special session to address Title IX...
Damage in Pointe Coupee Saturday
Video of strong winds in St. Amant overnight
2 Make A Difference: Glen Oaks High School Security Dads give away...
Friends, strangers gather in prayer as search for missing LSU student continues
Max Johnson in the mix for LSU starting quarterback job
Coach O admits to mistakes, takes steps to correct them in the...
Saints QB Jameis Winston gets emotional discussing Drew Brees
Southern football on the road to play Texas Southern
Javonte Smart's impact on the Baton Rouge community