Snap Inc. began its trading at $24 per share this morning on the New York Stock Exchange.
Shares for the Snapchat parent company are currently trading almost 50 percent above its initial public offering (IPO) price of $17.
Below is a “snap”-shot of how SNAP was trending right around noon ET — or about an hour after shares first hit the open market.
The company’s initial public offering consisted of 200 million shares. Snap Inc. values the overall company at $24 billion. Buyer beware: the home to the popular app has warned that they “may never achieve” profitability.
Of course, it’s all too early to call. Bookmark TheWrap to find out exactly where SNAP is trading throughout the course of its first day as a publicly traded company — and beyond.
Snap had 158 million daily active users by the end of last year, but the company’s user growth rate is slowing — and its losses are widening. In 2016, Snap reported a $514.6 million net loss on revenue of $404.5 million, after losing $372.9 million on $58.7 million in revenue the previous year.
Here’s more information straight from Snap Inc.’s official IPO media release:
Snap Inc. today announced the pricing of its initial public offering of 200,000,000 shares of Class A
In addition, Snap and some of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 30,000,000 shares of Class A
Morgan Stanley, Goldman, Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Company LLC are acting as book-running managers for the offering.