Snap starts trading at $24, up 41% from IPO price

The sale, of 200 million shares in total, demonstrated a frenzy of demand for the stock and it took nearly two hours from the opening bell being rung for the opening price to emerge.

Snap’s first day as a publicly traded stock – ticker SNAP – has exceeded expectations: Thursday afternoon, shares in the Snapchat creator closed at $24.48, almost 50% higher than its initial Wednesday night share price of $17.

Snap Inc., the company that owns photo-sharing mobile app Snapchat, saw its shares soar on the NYSE on Friday, the second day of listing.

Snap’s IPO order book was more than 10 times oversubscribed and could have allowed the company to price its shares at as much as $19 a share.

Instant messaging service Snapchat surged in its debut trade Thursday, jumping more than 40 percent from the level set in the initial public offering Wednesday night. While it has yet to profit off that popularity, it is growing its revenue, which was $404.5 million in 2016.

While most of its users are under 30, it has been gaining traction with older smartphone users as it expands its offerings of content from its media partners.

Snap is expected to begin trading on the New York Stock Exchange on Thursday under the symbol “SNAP”.

The fun part of going public is now over for Snap. Twitter had 2,000. Facebook, 3,200.

NBCUniversal courted Snap co-founder Evan Spiegel for the past year, CNBC said, and both companies have been working on deepening their relationship. “This is how Facebook insulated itself with WhatsApp, Instagram and their new in-house video features”.

The first-day jump may not be an indication of what happens to their fortunes from here.

Nicole Bullock, the USA equities correspondent for the Financial Times, people were excited about the float because there had been a drought of big tech companies listing for the last few years.

The company’s plans for the future are an important piece of the IPO puzzle.

Snap, Gellert said, is in a weaker position at this point in its development than Facebook, which has had considerable post-IPO success.

The Snapchat app has become a major social media force, grabbing valuable younger users, who seem to be moving away from Facebook. It’s a chance to convince them of the worth of the new stock, deflecting any concerns they may have about how successful the company may be.

Will Snap reinvigorate the IPO market? .