At $17 a share, Snap hopes to raise $3.4 bn in IPO
Mar 03, 2017, 00:18
Snap, the parent company of messaging app Snapchat and Spectacles smartglasses, made its debut today on the NYSE with a $24 per share, trading more than 40% higher than its original IPO price. So it's only fitting he will come away with the biggest haul from the IPO.
Snap was founded in 2011.
The exact timing of Snap shares trading will be up to the lead underwriters and their specialists will be taking the steps to meticulously match buyers and sellers, wrote IPOboutique.com in an email to clients.
The company has been vague on its plans to lead and monetize image-driven conversations, but has suggested investors put faith in the vision of its cofounder Evan Spiegel, whom it introduced in its investor roadshow as a "once-in-a-generation founder". While it has yet to profit off that popularity, it is growing its revenue, which was $404.5 million in 2016.
"What that number means for the longer term - very little", said Chi-Hua Chien, managing partner at Goodwater Capital who originated the VC firm Accel Partners' investment in Facebook and later invested in Twitter while at another firm.
Early indications pointed to Snap shares opening up at between US$22 and US$24. They could always sell their shares, of course. But Snap's cameo in Twitter's annual report is a sure sign that the Los Angeles startup has officially arrived.
Snap shares are set to start trading on the New York Stock Exchange under the ticker SNAP Thursday. "Everyone is super happy".
Michael Lynton recently stepped down from his role as CEO of Sony Entertainment to become the chairman of Snap.
Lock them up? Find out why a big block of investors will agree not to sell their Snap stock for at least a year at Business Insider. But the fairly steady orders showed the bankers did a decent job.
The sale, of 200 million shares in total, demonstrated a frenzy of demand for the stock and it took nearly two hours from the opening bell being rung for the opening price to emerge.
A Barron's Next primer ponders whether Snap will follow in the footsteps of Facebook (up 250% since its own IPO) or Twitter (not doing quite as well).
So far, the Senate has confirmed 15 out of 22 Trump Cabinet or Cabinet-level picks requiring confirmation. Senate voted to confirm the corporate turnaround expert's nomination, with strong support from Democrats.
Chicago Bulls forward/center Bobby Portis will start at power forward Friday night versus the Phoenix Suns. Payne was picked 14th in the 2015 draft and has struggled in his first two years in the league.
That could trigger inflation pressures and force the Fed to boost rates at a faster pace than financial markets expect. Dallas Fed chief Robert Kaplan said earlier this month that the central bank should move "sooner rather than later".
Oil futures ended higher Thursday, maintaining gains after data showed a smaller-than-expected rise in US crude inventories. The oil for delivery in far-month April also fell Rs 62 or 1.68 per cent to Rs 3,635 per barrel in 3,026 lots.
The new DHS memos are meant to implement Mr Trump's immigration actions as well as enforce existing immigration law. Now, the expedited removal process can be used for those in any part of the country illegally for up to two years.
Brent crude, which is used to price global oils, was down 16 cents, or 0.3 percent, at $56.35 a barrel in London. The promises have helped send USA stock benchmarks to records, but Trump offered little by way of detail.
Khateeb had obtained a visa to enter the United States , but had been detained earlier this week in Turkey for unknown reasons. Khatib, aside from carrying a camera for the film, is a White Helmet himself. "I look forward to meeting them all one day".
De Lima's Liberal Party, which ruled for six years under Aquino, voiced deep anger on Thursday at her imminent arrest. Shortly after his testimony, de Lima was removed from her position as chairwoman of the Senate panel.
Townsend said the U.S.is still talking to Turkey about whether and how Turkish forces might be involved in an assault on Raqqa. He referred to the Syrian forces to disclose the number and extent of the casualties.
The company said countries are ranked by a weighted average of their cities' peak hours spent in traffic congestion a year ago . NYC had the top daytime congestion on arterials and city streets, while San Francisco ranked first during peak times.
The weather was rough enough to force the cancellation of one of two scheduled "Not My Presidents Day" rallies in San Francisco. Pennington County Republicans rallied directly across the street from those opposing President Donald Trump.
Suspect who cops say shot at pipeline killed after chase
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Tourists will go to the moon with SpaceX
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Anti-Netanyahu protesters march through Sydney
These are the words that come to mind when I think of my life as a Palestinian. "But then you're just not going to have a deal". He also visited the Moriah College Jewish day school in Sydney, where he sat in on a Hebrew class and spoke to the students.
Tuesday's Champions League games make goal-scoring history
I am not surprised Guardiola says his side will fly to Monaco for the second leg looking to score as many goals as possible. I've been to St Etienne a few times as a fan and while they don't get huge numbers it's quite a hostile stadium to go into.