Snap Soars 40% After Opening at $24 a Share On First Trading Day
Snap started trading at $24 a share on the New York Stock Exchange on Thursday, soaring more than 40 percent from its pricing.
The company, trading under the ticker SNAP, priced its 200 million share public offering at $17 a share on Wednesday. The IPO was 12 times oversubscribed, sources said.
After opening shortly before 11:20 a.m. on Thursday in New York, shares traded around $24.40 a share, up 44 percent, with 64 million shares changing hands.
The opening price of $24 puts the company's market capitalization at about $33 billion, about the size of Marriot and Target. Twitter's market cap is about 11 billion, while Facebook's is about $395 billion.