Dream debut for Snap stock on Wall Street
Shares of Snap, the parent company of Snapchat, soared on Thursday during its debut on Wall Street. The messaging service's stock rose 41 percent above its offering price in early trading.
It's one of the biggest IPOs ever in the tech industry. Snap placed 200 million shares at 17 dollars each with investors on Wednesday - significantly more than the 14 to 16 dollars actually expected. In total, the WhatsApp rival thus flows 3.4 billion dollars. The demand had exceeded the offered papers by more than a factor of ten. Based on the current share price, the company is worth around 34 billion dollars on the stock market. (SDA)
