Snapchat parent rockets higher in Wall Street debut

And it expects anyone buying up to a quarter of its shares to agree not to sell them for a year.

Snapchat is also struggling to gain users outside of the USA and Europe, as reflected in the figures published in its IPO S-1 filing – which marked the first time the public got a glimpse into the workings of the secretive company.

Whilst details surrounding the drone are very thin on the ground, it’s highly likely that Snap would use the gadget to take photos or videos in order to enhance Snapchat’s appeal. That was well above the $14-$16 range initially expected, a sign of strong investor demand for the five-year-old firm.

The parent company of Snapchat, had an outstanding first day in its public debut on the New York Stock Exchange, popping 44%!

Snap’s IPO is the biggest tech IPO on Wall Street since then. In the 2017 IPO Watch List, you’ll get an inside look at Snap’s exciting prospects and potential challenges.

Past year 11 Bay Area companies went public, raising $1.2 billion.

But Snap continues to struggle to make money – and it signaled a profit may not be coming soon.

Snap filed to go public in early February, showing a rapidly accelerating advertising business that went from $59 million in revenue in 2015 to almost $400 million in 2016.

The deal was the largest initial public offering since Chinese internet giant Alibaba went public in 2014, and the largest technology listing since Twitter. “Everyone has heard of it”. A few months later, Snapchat turned down $3 billion for the company.

The Times notes that there is no release date for Snap’s drone, and it is possible that the project – like many other gambles from today’s biggest tech companies – could ultimately be scrapped. The handset would feature a lock screen that allows users to easily swipe for Snapchat notifications and updates, messages and sync with Spectacles easily. “However, we are not contemplating any material acquisitions at this time”. Venice residents and business owners are upset with Snap’s growth in the community, complaining that the company behind Snapchat has gobbled up once vibrant shopping and restaurant locations and converted them into boring office space.

The sum sounded outlandish at the time – now, not so much.