Snapchat owner shares 'priced at $17' despite making losses
The share price rocketed 44% higher when trading began Thursday.
Traders at the New York Stock during the Snap Inc. float. That was well above the $14-$16 range initially expected, a sign of strong investor demand for the five-year-old firm.
Snap sold 145 million of its 200 million initial shares Wednesday, locking up the remaining float as a measure to mitigate potential volatility that often comes with short-term investors.
The owner of Snapchat, an app popular with young people for its disappearing messages, raised US$3.4 billion in its initial public offering on Wednesday, more than the US$3 billion Facebook offered to pay for the company in 2013.
"Snap's IPO has spurred great interest because few tech companies went public last year amid a shaky market, and none have debuted on the stock market this year", the report said.
That will reportedly give Snap a market value of almost $24 billion, making it the largest USA tech IPO since Facebook.
Demand for the shares was almost 12 times oversubscribed - and this from a company that not only has never made a profit (and lost $500m last year).
An app once thought to be for little more than sexting is about to become the biggest new publicly traded tech company in years.
Though Spectacles marked Snapchat's foray into the gadget sector, as well as the company's pivot from an ephemeral messaging app to a self-described "camera company", the smart sunglasses launch may be just the beginning of its hardwareambitions.
"The investors that we spoke to who were interested in buying the shares said that it was really a bet on the managment's ability to. segue this company into a lasting concern".
Mountain View-based Saint Francis High School could win big after Snap Inc.'s shares soar in IPO's first-day trading.
But now, CEO Evan Spiegel has to prove Snap is more like Facebook than Twitter.
Facebook's Instagram is a major rival to Snapchat. The company now has about $2.3 billion in cash to use for acquisitions, new hires, product development or whatever else it chooses to do. Snapchat had 158 million daily users in the most recent quarter, compared to Facebook's 1.23 billion daily users.
Jared Kushner joined Flynn meeting with Russian ambassador
In a statement , DOJ spokesman Peter Carr said Sessions will "respond to their questions along with his amended testimony on Monday".
Sherman students celebrate Dr. Seuss' birthday
Seuss at Mitchell Christian. "The schools here have always done a lot to have people from the community come in", Towne said. Seuss would be turning 113 this year, if he were still alive. "We're not the only ones reading, '" Lewis-Carter said.
Durant injures knee in DC return
For any other team, this wouldn't be too far of a departure from the norm, but the Warriors are far from a normal squad. The team is much more optimistic now that he will be able to return this season, but it's still a significant injury.
Giants' complete 2017 NFL Draft order is set
If you like him, you think his game fell apart because he tried to do too much in the fourth quarter this year. He played left tackle there. " I think Ryan Ramczyk is the best tackle in the draft ".
World Rugby urged to change laws after Italy breakdown tactics confuse England
Even the positive fans of Italy know the daunting task, especially after their last two matches in which they were outplayed. England head coach Eddie Jones was unhappy with Italy's ruck tactics but Conor O'Shea was unapologetic.
Risk of Severe Weather Tuesday
WEDNESDAY/THURSDAY: Skies will be partly cloudy with strong/severe thunderstorms likely by Wednesday evening and early Thursday . We had some storm damage in the Philadelphia area Saturday , and there were even tornadoes reported in Pennsylvania and Maryland.
Antonio Brown signs deal with Steelers to become NFL's highest-paid WR
This is Brown's third contract with the Steelers who drafted him in the sixth round of the 2010 NFL Draft out of Central Michigan. Brown has already caught 50 touchdowns in his career and will, barring injury, surpass 1,000 catches in the 2017-18 season.
O'Keefe takes 12 wickets as Australia thrash India by 333 runs
When India was 94 for 3 in the first innings , Rahul finally got out, caught in the deep and left, clutching his shoulder. You need to pick you players up when they need a lift and then also have that conversation with them when it is needed.
Protesters cleared from Dakota Access oil pipeline camp
Army Corps of Engineers Maj. "I'm not that naive to think that we can all go home and this is done now". Anthony Gazotti, an activist from Denver, for one, said he does not plan on leaving the campsite.
Wisconsin Hit Hard by the Flu
People recovering from the flu should stay home for 24 hours after the fever's gone, to eliminate the possibility of contagion. The DHHR also sent a memo this week to superintendents and school officials providing guidance on school closures and flu.