Snapchat parent rockets higher in Wall Street debut

It's popular with young people, but growth has slowed down in recent months.

Snapchat parent rockets higher in Wall Street debut
Snapchat is best known for disappearing messages. Photo: Reuters
Written By: PTI
Updated: Fri, Mar 03, 2017
07:11 am
New York, PTI
RELATED NEWS
Photo-messaging app Snapchat launches 'Lensathon' in India Photo-messaging app Snapchat launches 'Lensathon' in India
Gmail, Snapchat and Nest restored after brief outage Gmail, Snapchat and Nest restored after brief outage

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.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.