Snapchat parent stock price rockets in Wall Street debut

Posted March 04, 2017

Oh Snap: shares of one of Silicon Valley's hottest companies keep on climbing.

As Thursday progressed, SNAP shares rose from $24 to almost $26, before coming back down to about 50 cents above the opening price.

Snap's debut Thursday was the largest on Wall Street since Chinese e-commerce giant Alibaba raised $25 billion in 2014.

Demand for the IPO was heavy, and by Tuesday potential investors were being told the there was enough demand to drive the share price to $17 or $18. The IPO was priced $1 more than anticipated. But three months later the price fell to about $20.

At the high, Snap's market value is now hovering around $40 billion.

It says that it hopes to use this money to make "Catholic education more affordable".

Outgoing Sony Entertainment chief Michael Lynton is chairman of the Snap board.

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The stock has since soared to about $29 as of Friday morning, making the remaining 600,000 shares that the school owns worth roughly $17 million. They rang the opening bell on the NYSE today. They could always sell their shares, of course. Spiegel created Snapchat in 2011 as part of a product design course at Stanford University where he was a student.

Other winners from the offering included venture capital firms Benchmark Capital and Lightspeed Venture Partners, whose stakes rose $846 million and $574 million respectively. However, the Los Angeles-based company incurred a $514.6 million loss for the year.

26-year old Mr Spiegel is no stranger to the limelight.

The social media app now faces the huge task of squeezing profits from its users, which are reportedly at nearly 160million daily. The school made millions of dollars from the Snap Inc IPO, the parent company of photo messaging application Snapchat.

It reported a rise of just over 3% in the final quarter of past year when it had been in double figures earlier in 2017.

Analyst Brian Wieser from Pivotal Research said it was a "promising early stage company with significant opportunity ahead of itself" but was "significantly overvalued given the likely scale of its long-term opportunity and the risks associated with executing against that opportunity".