Snap crackles in market debut; Snapchat parent's shares pop 44%

DENVER BUSINESS JOURNAL - Less than six years after founding the Snapchat image-messaging app while studying at Stanford University, Evan Spiegel and Bobby Murphy rang the bell at the New York Stock Exchange this morning.

A couple of hours later, their company, now called Snap Inc., started trading at $24 per share — a 41 percent surge over the IPO price the company set yesterday. Shares closed at $24.48, up 44 percent. The stock traded as high as $26.05 per share.

In addition to Snapchat, Snap also produces the Spectacles and Bitmoji apps.

Snap publicly filed for an initial public offering a month ago, providing investors, journalists and fans their first glimpse at the secretive company’s inner workings. The Venice, California, firm embarked on its roadshow in mid-February pitching a price of $14 to $16 per share.

Read more at Denver Business Journal.

© 2017 American City Business Journals.


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