Snap Inc Shares Open Trading at $24
Snap Inc. began trading at $24 per share this morning. It’s currently trading about 44.1 percent above its IPO price.
The company’s initial public offering consists of 200 million shares priced at $17 apiece. The Snapchat parent values the overall company at $24 billion. Bookmark this post to find out exactly what SNAP is trading at throughout the course of the day.
Snap had 158 million daily active users by the end of last year, but the company’s user growth rate is slowing — and its losses are widening. In 2016, Snap reported a $514.6 million net loss on revenue of $404.5 million, after losing $372.9 million on $58.7 million in revenue the previous year.
Here’s more information straight from the soon-to-be publicly traded company’s official media release:
Snap Inc. today announced the pricing of its initial public offering of 200,000,000 shares of Class A common stock at a price to the public of $17 per share, for a total offering size of $3,400,000,000. Snap is issuing and selling 145,000,000 shares of Class A common stock and the selling stockholders are selling an additional 55,000,000 shares of Class A common stock. The shares are expected to begin trading on the New York Stock Exchange on March 2, 2017 under the symbol “SNAP.”
In addition, Snap and some of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 30,000,000 shares of Class A common stock at the initial public offering price less the underwriting discount.
Morgan Stanley, Goldman, Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Company LLC are acting as book-running managers for the offering.
Source: The Wrap