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.