Snapchat owner raises $3.4bn in IPO, well above expectations
Snap’s initial public offering was oversubscribed more than 10 times and is the richest valuation of a US tech IPO since Facebook five years ago
New York — Snap’s in-demand shares are set to start trading in New York on Thursday after the owner of the popular Snapchat messaging app raised $3.4bn in its initial public offering (IPO) on Wednesday, above its price expectations. Snap’s IPO was oversubscribed more than 10 times, indicating a hunger for the shares that might produce a pop on the first day of trading. The New York Stock Exchange carried out a trial run last week to make sure the third-biggest technology IPO goes smoothly. Facebook’s eagerly awaited market debut in 2012 was marred by a technical glitch at rival exchange Nasdaq. After pricing its IPO at $17 a share, the owner of the popular disappearing-message app has a market value of about $24bn, more than double the size of rival Twitter and the richest valuation of a US tech IPO since Facebook five years ago. The share sale was the first test of investor appetite for a social-media app that is loved by teenagers and people under 30 for applying bunny faces and v...
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