Snapchat parent rockets higher in Wall Street debut

Entertainment
Evan Spiegel, Snapchat_353485

FILE – In this Thursday, Oct. 24, 2013, file photo, Snapchat CEO Evan Spiegel poses for a photo in Los Angeles. As Snap prepares to go public, following in the footsteps of Facebook and Twitter, the question is which one it will resemble more? Signs point both ways. Snapchat is popular with young people but […]

NEW YORK (AP) – The company behind Snapchat is trading sharply higher in its Wall Street debut.

Snap Inc. jumped $7, or 41 percent, to $24 a share.

It had priced its initial public offering of 200 million non-voting shares at $17 each on Wednesday. That’s above the expected range of $14 to $16.

Snap’s IPO is one of the most anticipated for a technology company since Twitter’s in 2013. That, in turn, had created the biggest stir since Facebook took its first bow on Wall Street in 2012. Twitter is now valued at $11 billion, while Facebook is $395 billion. Snap’s pricing valued the Los Angeles company at $24 billion.

Snapchat is best known for disappearing messages. It’s popular with young people, but growth has slowed down in recent months.

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