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.
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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.