Snap shows investor appetite to again bet on young companies

Snap raised $3.4 billion in the first US technology listing this year

If there’s one lesson Silicon Valley can learn from Snap’s trading debut, it’s that investors in initial public offerings are again willing to stomach the uncertainty of betting on hopeful, young companies.

While concerns still loom about growth and profitability at the maker of disappearing-photo app Snapchat, interest in the IPO is undeniable. After pricing the offering above the range at $17, the stock surged 44 per cent in its debut and another 11 per cent on its second day of trading to $27.09, valuing the company at more than $31 billion. Demand for the shares outpaced the number offered by