Snap Applies Lock-up to IPO Shares

Snapchat's parent company Snap Inc debuted on the US stock market climbing rapidly on its opening day

It had aimed to raise $3.2 billion by offering 200 million shares at between $14 and $16 - or at a valuation of up to $22 billion.

After pricing its IPO at $17 a share, the owner of the popular disappearing-message app has a market value of roughly $24 billion, more than double the size of rival Twitter Inc and the richest valuation in a USA tech IPO since Facebook five years ago.

Snap filed to go public in early February, showing a rapidly accelerating advertising business that went from $59 million in revenue in 2015 to almost $400 million in 2016.

Snapchat arguably made camera glasses popular when they rebranded as a hardware company called Snap and launched Spectacles late in 2016 but sources suggest that the company's experimenting is far from over.

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The firm's inital public offering (IPO) is the biggest for a USA tech firm since Facebook in 2012 and will turn the company's founders, Evan Spiegel and Bobby Murphy, into multi-billionaires.

The stock will start trading on the New York Stock Exchange on 2 March, under the symbol SNAP. Such a device would presumably enable users to take aerial photos and videos, and then share that content via the Snapchat app.

Facebook fell below its IPO price on the second day of trading in 2012 and didn't top the IPO price again for more than a year.

The blockbuster IPO also signaled a huge payday for the company's co-founders, CEO Evan Spiegel and CTO Bobby Murphy.

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All told, the school sold 1.4 million shares of Snap stock, at the opening price of $17, making a cool $24 million.

Libertex Business Development Manager Andew Nikolaev added: "Snap Inc. shares have been priced at $17 per share that is above the initial price range".

That's the valuation the company expected when it first considered an IPO, according to people with knowledge of its plans at the time. Meanwhile, Snap's chairman Michael Lynton planned to sell nearly 55,000 shares in the offering, bringing in more than $930,000. It's the largest deal by a US -based company since Facebook's 2012 public debut.

It's looking like Sacca really missed out on this opportunity, but he's done well with other risks, like investing in Twitter, Uber and Instagram early on.

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