Snap, the parent company of the social network Snapchat, priced its initial public offering at $17 a share — above the expected $14 to $16 a share range.
The oversubscribed IPO, which will begin trading on the New York Stock Exchange on Thursday morning, is valued at $24 billion.
It’s likely to be the biggest tech IPO this year, Wall Street watchers say.
“We’re not sure there will be any other whoppers this year,” Everett Wallace of Triton Research said.
Snap’s marketing of itself as not only a social network, but a company that makes wearable technology, cameras and glasses pits it against some more established
companies, Wallace said.
“You could buy Twitter and Fitbit and GoPro and Warby Parker and still have $6 billion left over to buy the USS George Herbert Walker Bush, a nuclear aircraft carrier” Wallace said.
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