Snap debuts on New York Stock Exchange

Snap debuts on New York Stock Exchange

Snap debuts on New York Stock Exchange

Snap Inc's in-demand shares are set to start trading in NY on Thursday after the owner of the popular Snapchat messaging app raised $3.4 billion in its initial public offering (IPO) on Wednesday, above its price expectations.

In one of the most anticipated tech IPOs in years, its parent company, Snap, is going public Thursday morning, with a share price set at $17.

It remains to be seen how Snap's stock fares after it raises $3.2 billion in its IPO and begins trading on the NYSE under the SNAP ticker later this week.

The Venice-based company's pricing exceeded initial estimates, which pegged Snap's stock value at $14 to $16 after the company filed its prospectus with the Securities and Exchange Commssion last month. In that sense, Snap's focus on the camera is not all that dissimilar from Facebook with its experiments with VR and AR.

Spiegel's 210 million shares are now worth $5.06 billion based on the opening price.

The company had targeted a valuation of between US$19.5 billion and US$22.3 billion.

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

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Everyone who's ever used Snapchat knows that the visuals are front and center in the ephemeral messaging app, boosting users' engagement and keeping them hooked to the app.

Snap is the first U.S. IPO to exclusively sell nonvoting stock, depriving shareholders of a say in corporate matters entirely.

Snapchat averaged 158 million daily active users for the fourth quarter of 2016, an increase of 48 per cent year over year but up only three per cent sequentially from 153 million in the third quarter.

What's unclear is whether the drone will follow the Spectacles into becoming a consumer product or be used by Snap itself in some other way. Spiegel believes we're at the beginning of what cameras can do.

Above: Snap's stock fluctuates on first day of trading.

The firm's inital public offering (IPO) is the biggest for an American tech firm since Facebook in 2012 and will turn the company's founders, Evan Spiegel and Bobby Murphy, into multi-billionaires.

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