Biggest IPO since Facebook went public in 2012
The owner of the popular Snapchat messaging app raised $3.4bnin its initial public offering (IPO) yesterday.
Snap’s IPO was oversubscribed by more than ten-times and was the most eagerly-awaited IPO since Facebook went public in 2012.
Snap priced 200 million shares on Wednesday at $17 each, above its expected range of $14 to $16 dollars a share.
After pricing its IPO at $17 a share, Snap has a market value of roughly $24bn. That’s more than double the size of rival Twitter and the richest valuation in a US tech IPO since Facebook five years ago.
However, the Los Angeles-based company’s net loss widened 38 percent last year amid competition from larger rivals such as Facebook’s Instagram.
Snap is set to begin trading on Thursday on the New York Stock Exchange under the symbol SNAP.