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Snap debuts on New York Stock Exchange

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Los Angeles. Snap Inc. owner of the ephemeral message service Snapchat seeks to raise up to $3 billion in an initial public offering. According to IPO doc

Snap Inc., trading under the ticker "SNAP" on the New York Stock Exchange, was up about 45.4 percent to $24.72 near 1630 GMT, shortly after logging its first trades. Snap's valuation could be as high as $24 billion, the largest for a US-based tech company since Facebook went public.

After pricing its IPO at $17 a share, the owner of the popular disappearing-message app has a market value of roughly $24 billion, more than double the size of rival Twitter Inc and the richest valuation in a USA tech IPO since Facebook five years ago.

But some experts see that stiff competition, as well as the fact that the company lost $514 million a year ago, as potential challenges for maintaining the high stock price.

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Shares in Snap, owner of messaging app Snapchat, have begun trading on the USA stock market. Each founder sold 16 million shares in the IPO, likely netting $200 million a piece after assumed taxes.

"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. The slowdown coincided with Facebook's Instagram launching a Snapchat copycat feature.

Thursday's surge on Wall Street shows that there is initial investor excitement about Snap, but it's not guaranteed to last. To make money, Snap will have to boost its revenue per user, but ad buyers tell DiClemente that the company's ad products are hard for small and midsize companies to use, and "Snap's targeting capabilities are not almost as sophisticated as those of Facebook". "It certainly pushes the limits on governance".

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The company behind the popular messaging app Snapchat made its trading debut Thursday after a better-than-expected stock offering.

The high market value gives Snap twice the size of rival Twitter Inc, and the biggest United States tech IPO since Facebook's five years ago. "They don't want to be the one that misses this one", Zell says.

The company's losses widened past year, and user growth is slowing down in the face of intense competition from larger rivals such as Facebook. Two of the students using the app happened to be the children of a partner at Lightspeed Venture Partners, a local investment firm. The IPO book was oversubscribed by more than ten times, which indicates that today will be a hit for Snap.

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