Snapchat is the first major technology IPO of the year. Lucas Jackson / Reuters
Snapchat is the first major technology IPO of the year. Lucas Jackson / Reuters

Business

Snap jumps in debut after app maker raises US$3.4 billion in IPO

The company priced its shares above the marketed range of $14 to $16 each, in the biggest social-media IPO since Twitter more than three years ago.

Snap Inc, the first technology company to go public in the US this year, jumped in its debut after the disappearing Photo app maker priced its initial

March 02, 2017

Shares opened at US$24, giving the company a market valuation of about $27.8 billion, based on the total number of shares outstanding after the offering in the deal prospectus. Snap sold 200 million shares in its initial public offering at $17 each.

The company priced its shares above the marketed range of $14 to $16 each, in the biggest social-media IPO since Twitter more than three years ago.

* Bloomberg

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