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Published: Sat, March 04, 2017
Technology | By Kate Woods

Snap Cofounders' Fortunes Rise A Combined $2.8 Billion On IPO Day

Snap Cofounders' Fortunes Rise A Combined $2.8 Billion On IPO Day

The stock has since soared to about $29 as of Friday morning, making the remaining 600,000 shares that the school owns worth roughly $17 million.

A year-long lock-up period is atypically long, potentially signifying strong demand for the IPO, says Lauren Hirsch who covers the story for Reuters.

Silicon Valley has been buzzing about Snap's IPO for months.

The flotation valued the company at $US17 a share, or $US24bn in all, although Snap has never made a profit.

When they're first offered, IPO stock is priced to sell: The goal is to name a price that investors will find attractive (i.e., one that's "low" enough).

By comparison, Twitter was trading at around $15.70 a share, while Facebook was at $136.85. Revenue climbed nearly seven-fold in 2016, to $404 million from $59 million.

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"The company planned to sell those shares to a group of existing investors, who got in before the IPO process began, people familiar with the deal said".

Snapchat's parent company, Snap, to kick off on the stock market at a $24 billion valuation, the biggest tech listing in years. According to reports, both Evan Spiegel and Bobby Murphy's net worth is $5.3 billion each.

A private high school in California earned millions from the Snap Inc. public offering, after two students told their dad about the popularity of the app five years. Would Snap be offering a fun, affordable alternative to the current drone enthusiast market, now dominated by professional-leaning drones like DJI's Phantom?

Snap still has several questions it must tackle as it transitions to a public company.

But at present, Snapchat's 158 million daily users send some 2.5 billion "snaps" a day and spend an average of half an hour on the app, according to its filing to the SEC ahead of Thursday's IPO. Snap's user growth is stalling, though its advertising business is growing at a very fast pace.

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