NBCUniversal invested $500 million in Snap Inc as part of IPO

Snap Inc, the parent company of photo-sharing app Snapchat, announced on Wednesday evening that 200 million shares would be sold for $17 a piece when it starts trading on the New York Stock Exchange (NYSE) on Thursday under the ticker symbol SNAP.

The Snap founders ultimately opted to stay down south in Los Angeles, versus moving to the San Francisco Bay Area.

Liew did some “sleuthing” and connected with Snapchat CEO Evan Spiegel on, of all platforms, Facebook Spiegel got back to him “five minutes later” and the two set up a meeting. So it’s only fitting he will come away with the biggest haul from the IPO.

Despite a almost seven-fold increase in revenue, the Los Angeles-based company’s net loss widened 38 percent past year.

Add it all together and Spiegel’s sitting on a roughly $6 billion Snapchat fortune.

Snap’s IPO was one of the most anticipated for a technology company since Twitter’s in 2013. Whether or not Snap can maintain momentum has been a topic of great debate.

They each landed a 17% stake worth $4bn (£3.26bn) based on the offer price in the share sale.

It turns out Eggers is a partner at Lightspeed Ventures, also an early investor of Snapchat.

One report by Yahoo Finance says St. Francis bought $15,000 worth of shares early on, which would now be worth tens of millions. After all, it is the first tech startup of its kind to list on the exchange for a long time.

Snap, which owns photo-sharing mobile app Snapchat, had a bull run on Friday, gaining 10.66 percent to end at $27.09, translating into a cumulative gain of 59.35 percent and valuing Snap Inc.at nearly $32 billion. “It’s a happy day at Lightspeed”. His stake in Snap is now valued at $71 million. But the fairly steady orders showed the bankers did a decent job.

In terms of Snap’s addressable market, while digital ad budgets keep growing, so does the number of ad inventory providers in the space, and there is no guarantee that a bigger portion of new digital ad dollars will flow to Snap.