Venice’s Snapchat To Go Public at $3.4 Billion Or $17 A Share

Meanwhile, Snap’s chairman Michael Lynton planned to sell nearly 55,000 shares in the offering, bringing in more than $930,000. Snap’s pricing valued the Los Angeles company at $US24 billion.

The company had priced its initial public offering of 200 million shares at $US17 each on Wednesday.

The board of the high school in Mountain View agreed to invest $15,000 in seed money in Snap in 2012. “We’re glad to offer Libertex clients the contracts for this financial instrument that will let them enhance their trading portfolio”. Most traders try to take advantage of this period.

After opening above the pre-decided range of $14-$16, Snap stock closed a healthy 44 percent up from the opening price. St. Francis sold 1.4 million shares at that price generating a gain of about $24 million.

Snap (SNAP), the parent company of Snapchat, jumped 20% in early trading Friday, rising above $29 a share.

Snap cofounders Evan Spiegel and Bobby Murphy added a combined $2.8 billion to their fortunes on Thursday – and became the only self-made billionaires in the world under the age of 30 to own a publicly traded company.

Snap’s valuation is far below that of Facebook’s $397 billion.

The massive valuation for an app that allows teenagers to plant virtual bunny ears on each other’s heads reflects Facebook’s declining popularity with younger web users – but the world’s biggest social network is fighting back. “They don’t want to be the one that misses this one”, says Jeff Zell an analyst with IPO Boutique, a research firm. The firm sold at least 4,632,890 shares in the offering, bringing in about $78.8 million. The committee will look at whether Snap’s decision to deny voting rights to investors means the company will have to disclose fewer details about internal matters such as executive pay. There will be more information about their plans later Thursday afternoon.