Snap, the company that runs Snapchat, opened on the New York Stock Exchange this morning at $24 per share. At that price, the company had a valuation of $33.6 billion, Investors Business Daily reported. There was a large volume of shares being traded — more than 105 million, in fact.
Yesterday Snap raised $3.4 billion in its initial public offering (IPO) and set its stock price at $17 per share, giving the company a valuation of $24 billion.
Last month, Snap had set an initial range of $14-16 per share.
For the NYSE, Snap’s IPO represents a rare moment; social networks scarcely go public.
Snapchat has grown considerably since 2011, when the service first gained fame as a so-called sexting app. But despite its popularity, Snap has some investors worried. Snapchat’s growth rate has slowed in last year, and the mobile-social network faces increasing competition from Facebook, which has ceaselessly and shamelessly replicated Snapchat’s marquee features.
Views from the NYSE floor
Before the bell (and even after), the NYSE floor was atypically calm. The exchange restricted access to the floor as Snap brought in 100 guests and employees before the bell.
Snap set its stock price at $17 per share last night.
Below: Snapchat cofounders before ringing the bell to open trading for the day.
Model Miranda Kerr, Evan Spiegel’s fiancée, stands with Snap employees and guests.
Cofounders Evan Spiegel and Bobby Murphy ring the bell. The market opens. Employees and investors cheer.
A crowd gathers as investors set the opening price for SNAP stock.
Hours later, the stock opens at $24 per share and quickly rises to $25.