Everyone expected Snap to price its initial public offering aggressively—but few expected the company to push for a $24 billion valuation.
Snap, which debuts on the New York Stock Exchange today as “SNAP,” priced its IPO at $17 per share, slightly above its original target range and suggesting it has some idea there is strong demand for investors to acquire stock in the company.
At $24 billion, Snap’s IPO will be larger than Twitter’s in 2013 and the biggest since Facebook in 2012. And unless a company like Uber or Airbnb decides to suddenly go public this year, it will likely remain the largest tech IPO in 2017.
Snap raised well over $3 billion through its IPO. The company, which has nearly 200 million active users now, lost more than half a billion dollars in 2016 as it struggled to monetize its flagship product, the app Snapchat.