Snap shares soared briefly as high as $25, putting the company's valuation at $30 billion.
The value of Snapchat's owner has soared on its New York Stock Exchange debut after a flotation that valued the company at an initial $24bn (£19bn). The stock is now trading at almost $26/share, boosting Snaps market cap to just shy of $30 billion. The company's IPO ETF recently hit a 52-week high, and based on its market valuation, Snap will be a candidate for inclusion.
According to the Snap'sfiling, the company had revenue of $404.5 million in 2016, up from $58.7 million in 2015. It lost half a billion last year, even more than the $373 million it lost in the prior year.
The company started trading at 24 dollars per share around midday Thursday, jumping more than 40 percent from its pricing. Investors will just be betting that Snap will continue to grow positively.
Although Snap went public at a much earlier stage in its development than its two rivals Twitter or Facebook, the 5-year-old company is valuing itself at almost 60 times revenue and more than double the 27 times revenue Facebook fetched when it went public in 2012. Overall, Spiegel will still be the one who's in control of the company's future. Facebook, on the other hand, had a rough first day as a public company, with the share price closing exactly where it opened (companies normally try to price it so it goes up about 20% on the first day).
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