Snap Inc to raise $3.4b ahead of NYSE debut

Popular Smart Phone Apps Of 2016
Snap is set to debut on Wall Street on 1 March
Author

03 March, 2017

Snap was expected to price its shares between $14 and $16, which would have valued the company between $19.5 billion and $22.3 billion.

The shares opened trading today at around $23.50 to $24.50, giving the company an overall valuation of $24 billion. And though Snap has yet to make a profit - the company lost $515 million past year, many analysts say one of the biggest worries investors have about the deal is the fear of missing out.

The IPO is also a sprinkle of rain amid a dry spell for tech sector public offerings and investors seem especially keen to get a little wet.

Munster started off with the bear side of the trade and argued Snap's business feels more like Twitter Inc (NYSE: TWTR) and less like Facebook Inc (NASDAQ: FB). "This is certainly not a short-term bet by IPO investors, but a long-term view that Snap (which even at $17 a share is 1/16th the size of Facebook's market cap) can be a long term victor".

Snap co-founder Evan Spiegel and Bobby Murphy showed up to the floor of the exchange and rang the opening bell to mark the first day of trading. Before, the company was privately held, meaning there was no public market to buy and sell Snap shares.

Marie Collins: Survivors' voices must continue to be heard
She said the commission had suffered constant setbacks, "despite the Holy Father approving all its recommendations". Collins had been a member of the panel since 2014.

How to Watch Villarreal v Real Madrid in live streaming
The Yellow Submarine tore apart Atletico Madrid 3-0 at El Madrigal and they held Barcelona to a 1-1 draw in an entertaining match. I've watched teams we've been playing in some of their previous matches and I don't see the same side that plays us, " he said.

Bihar: Top babu held in clerk exam paper scam
The release said the Association has "decided to bear all legal and other expenses on his behalf". The IAS Officers' Association in Bihar is, however, up in arms over the arrest of Kumar.

You could argue Snap went public too early: It's a secretive company ruled by CEO fiat.

At the same time, it's important to take into account that technology companies are always trying on new things and working on experiments, but only a few of those projects actually make it to market.

The much-anticipated video recording "Spectacles" from Snapchat are also available online for users in the United States at $129.99.

Snapchat's growth, however, is being driven more and more by older users, according to the research firm eMarketer.

Above: Snap's stock fluctuates on first day of trading. The IPO reportedly is oversubscribed, showing strong investor interest. The company says it has 158 million users daily with 2.5 billion snaps sent each day. Most notably, Facebook is trying to duplicate its product mojo, with a near-identical clone of Snapchat Stories, which lets people post strings of videos and photos that self-detonate after 24 hours.


More news


  • Toddler dies after being left in hot auto  all day in Brandon

    Toddler dies after being left in hot auto all day in Brandon

    The local business said Jacob was not in their care at the time of his death and his half-sister "made a tragic mistake". Tuesday night, Silva-Tello returned home with her parents with her head covered with a jacket after a devastating day.
    David Moyes suffers miserable return to Everton with Sunderland defeat

    David Moyes suffers miserable return to Everton with Sunderland defeat

    Lukaku has reached his tally in 100 fewer games than Ferguson who was idolised by Everton fans and is now on the club's coaching staff.
    Health department working with Penn State on mumps cases

    Health department working with Penn State on mumps cases

    The viral infections are both covered by the measles-mumps-rubella (MMR) or measles-mumps-rubella-varicella (MMRV) vaccines. Those with no record of MMR that decline to be vaccinated should not attend class for 25 days after exposure to mumps.
  • Arsenal academy boss Andries Jonker takes Wolfsburg top job

    Arsenal academy boss Andries Jonker takes Wolfsburg top job

    The 2008/09 Bundesliga champions decided to make a change after Ismael, a former defender with the club, won six games in 17 matches in charge having taken over from Dieter Hecking in October 2016.
    Transgender Wrestler Identifies as Male But Won Girls State Title

    Transgender Wrestler Identifies as Male But Won Girls State Title

    Amanda McCune, the spokeswoman for Rocha's school district, said the decision was made by Rocha and her family. Beggs, who has a 52-0 record, has a first-round match in the state tournament Friday in suburban Houston.

    Trump will not attend the White House correspondents' dinner

    CNN, frequently criticized by Trump , has been contemplating sitting out the dinner. Obama attended all eight events while he was in office.
  • Betsy DeVos releases statement on HBCUs, Twitter points out she's clueless

    Betsy DeVos releases statement on HBCUs, Twitter points out she's clueless

    During my 12 years as a teacher, I have experienced firsthand the failed initiatives that have attempted to "reform" education. Education Secretary Betsy DeVos heralded Trump's commitment in an interview with The Post .
    Pediatricians warn about dangers of pot use by kids

    Pediatricians warn about dangers of pot use by kids

    According to the authors of the report , the marijuana is not safe for use and it leaves several negative effects of health. A doctors' group is stepping up warnings to teenagers as the use of marijuana becomes more mainstream.
    Over 50 killed after IS car blast

    Over 50 killed after IS car blast

    It has proved the bloodiest battle of Ankara's campaign accounting for most of the 71 Turkish losses so far. Rebel fighters walk out from a cave that was used by IS militants, after they captured the area from them.
  • Lightning trade Filppula, picks to Flyers for Streit

    Lightning trade Filppula, picks to Flyers for Streit

    Philadelphia also picked up a pair of draft picks in the deal - a fourth-round selection and a conditional seven-rounder in 2017. TSN Hockey Insider Pierre LeBrun noted the Flyers retained 4.7 per cent of Streit's salary ($5.25 million cap hit) in that trade.
    Steelers place franchise tag on Le'Veon Bell

    Steelers place franchise tag on Le'Veon Bell

    It's the first time the Steelers have used the exclusive rights franchise tender. In his four-year career, he's only managed to play a full, 16-game season once.
    Moyes urges Black Cats to silence Lukaku

    Moyes urges Black Cats to silence Lukaku

    Everton manager Ronald Koeman said now is not the time to discuss a new contract amid speculation linking him with Barcelona. We know the team behind us is West Brom, who we play at home in two weeks, and above there is still a gap.