The company behind Snapchat is trading sharply higher in its Wall Street debut. Snap Inc. Jumped USD 7, or 41 per cent, to USD 24 a share.
It had priced its initial public offering of 200 million non-voting shares at USD 17 each yesterday. That's above the expected range of USD 14 to USD 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 USD 11 billion, while Facebook is USD 395 billion. Snap's pricing valued the Los Angeles company at USD 24 billion.
Snapchat is best known for disappearing messages. It's popular with young people, but growth has slowed down in recent months.
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