Snap prices IPO above range at $17, raises $3.4 billion
March 02, 2017
Snap has completed its much-anticipated IPO, raising $3.4 billion by selling 200 million shares at a price of $17 each, above its expected range of $14 to $16 per share.
Although many are skeptical that the "camera company" will be able to live up to the $24 billion valuation attached to the offering, public market investors were apparently able to overcome those worries, as the IPO was more than 10x oversubscribed, per CNBC. Snap begins trading today on the NYSE under the SNAP ticker.