Listen to this article
Snap’s founders have rung the opening bell at the New York Stock Exchange, but investors will need to keep waiting for the stock itself to begin trading as market-makers tabulate orders for the hotly anticipated social-media offering.
The early indication was for the shares to open between $22 – $24 each, representing a jump of as much as 41 per cent.
The California-based company priced its initial public offering on Wednesday evening at $17 a share, coming in above its projected range of $14 – $16 a share and giving it an almost $20bn valuation.
Investor demand in the primary market was strong, and high-profile tech offerings often continue to see buying interest as they debut, pushing the price higher.
Given its IPO market valuation, Snap will become one of the biggest-ever US tech companies to go public. Only Facebook, Google and Palm garnered juicier valuations, according to Bloomberg data.