Snap started trading at $24 a share on the New York Stock Exchange on Thursday, soaring more than 40 percent from its pricing.
The company, trading under the ticker SNAP, priced its 200 million share public offering at $17 a share on Wednesday. The IPO was 12 times oversubscribed, sources said.
The young ephemeral photo messaging company posted a $515 million loss last year. Nonetheless, investors have bet on its quickly growing revenue and visionary leader, 26-year-old co-founder CEO Evan Spiegel.
Spiegel arrived at the stock exchange on Thursday morning to ring the bell, with supermodel fiancee Miranda Kerr in tow, documenting with pictures on the app.
The Venice, California-based company, which serves augmented reality and cinematic advertisements to its young adult audience, could be a bellwether as other start-up giants, such as Airbnb and Uber, mull a public offering.
Snap enters the public market a day after the three major U.S. stock indexes posted their best session of the year.
- Facebook went public on May 18, 2012, priced at $38 per share. It gained only 0.61 percent in its debut closing at $38.23.
-Deal Size: Almost $16 billion
- Twitter went public on Nov. 7, 2013, priced at $26 per share. It gained 72.69 percent in its debut closing at $44.90.
-Deal Size $1.82 billion (shares used to calculate do not contain the overallotment)
- Alibaba went public on Sept. 19, 2014, and priced at $68 per share. It gained 38.07 percent in its debut closing at $93.89.
-Deal Size $21.77 billion (not including overallotment or green shoe)
- LinkedIn went public on May 19, 2011, and priced at $45 per share. It doubled in its debut, gaining 109.44 percent to close at $94.25.
–Deal size $352.8 million
— CNBC’s Leslie Picker, David Faber, Fred Imbert and Gina Francolla contributed to this report.
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