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Snap starts trading at $24, up 41% from IPO price

Snap starts trading at $24, up 41% from IPO price

Snap starts trading at $24, up 41% from IPO price




SNAP starts trading.

Snap, the company that runs Snapchat, opened on the New York Stock Exchange this morning at $24 per share. At that price, the company had a valuation of $33.6 billion, Investors Business Daily reported. There was a large volume of shares being traded; more than 105 million, in fact.

Yesterday the company raised $3.4 billion in its initial public offering (IPO), having set its stock price at $17 per share, giving it a valuation of $24 billion.

Last month, Snap had set an initial range of $14-16 per share.

For the NYSE, Snap’s IPO represents a rare moment; social networks scarcely go public.

Snapchat has grown considerably since 2011, when the service first gained fame as a purported sexting app. But Snap has some investors worried. Snapchat’s growth rate has slowed in last year, and the mobile-social network faces increasing competition from Facebook, which has ceaselessly and shamelessly replicated Snapchat’s marquee features.

Above: A view from the floor

 


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