Snapchat parent rockets higher in Wall Street debut
It's popular with young people, but growth has slowed down in recent months.
The company behind Snapchat is trading sharply higher in its Wall Street debut. Snap Inc. Jumped $7, or 41%, to $24 a share.
It had priced its initial public offering of 200 million non-voting shares at $17 each yesterday. 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.