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.

Torres Stable In Hospital After Horrific Head Injury
Fears for his safety were raised after players from both sides rushed to help the Spanish global . Immediately after the game, boss Diego Simeone said: "Torres is conscious, he has a head trauma".

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.

Hugh Jackman's Wolverine Gets Cover Spread and Throwback Photo
The character was last seen attempting to escape the complex he is held in. Since X-Men released in 2000, he finally chose to stop being the mutant.

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.

Dave Chappelle comedy specials teaser from Netflix
Regardless of when they were recorded, new Dave Chappelle stand-up is new Dave Chappelle stand-up. Dave Chappelle announced a few weeks ago that he has a three part special with Netflix.

Share

Related News

  • Kite Hits 52-Week High on Positive Study (KITE)

    Kite Hits 52-Week High on Positive Study (KITE)

    Looking ahead, analysts on average predict that earnings for the current quarter would come in in the range of $-2.15 to $-1.22. Following the transaction, the chief operating officer now owns 92,995 shares of the company's stock, valued at $4,729,725.70.

    Air strikes said to target al Qaeda in Yemen

    There was no immediate word of casualties in the Sawmaa and Shaqra strikes. Four suspected militants standing outside the house were killed, he said.

    Men: Chris Claremont Wanted Bob Hoskins To Play Wolverine

    Mangold also made The Wolverine four years ago, the last solo feature for Hugh Jackman's perpetually cranky X-Man. Check out the Easter Eggs you may have missed in Logan, and don't forget our poll below!
  • GM Strikes a Deal to Sell Its Money-Losing Opel Brand

    In his public comments on February 23, CEO Tavares said he saw export potential for the Opel brand under PSA ownership. GM and PSA five years ago announced a 10-year alliance that aimed to save $2 billion annually by 2017.

    Could the next iPhone come with USB-C?

    Apple faced outrage previous year after dropping the headphone cable on iPhone 7 - but users have largely adapted to the change. It will be interesting to see how iPhone 8 comes with the industry standards to connect other iDevices with iPhone 8.
    USA  stocks surge; Dow marks first time above 21000 points

    USA stocks surge; Dow marks first time above 21000 points

    Additionally, Trump will seek a $54 billion hike in spending on tanks, ships and weapons systems and will trim other priorities. But its decline was slight, falling just 0.1%, buoyed by the president's proposal to increase defense spending by $20 billion.
  • Students dress up to celebrate Dr. Seuss

    Students dress up to celebrate Dr. Seuss

    Geisel was born March 2, 1904, in Springfield, Massachusetts, and first used the pen name Dr. The 21 students earlier read their books to parents. "I still like them", Thomas said.

    World Former NAACP Leader Who Lied About Being Black Adopts Igbo Name

    She can not find a job, she said, and the only work she has been offered is in reality TV and porn. She told the Guardian that the only work she has been offered is reality TV and porn.
    'Vogue Arabia' debuts with veiled Gigi Hadid on cover

    'Vogue Arabia' debuts with veiled Gigi Hadid on cover

    We're all entitled to live our truths, and this is one that Hadid seems to hold as an important foundation for her self identity. They also bumped into each other last month at Madison Square Garden during a memorial concert for slain rapper for A$AP Yams.
  • Harry Kane and Romelu Lukaku face striker showdown in Tottenham vs Everton

    Of course Pochettino did not want to go into too much detail comparing the two but his admiration for both players was clear. They are a type of strikers that demand a lot of focus on them and you have to be ready to fight.
    Paleontologists find world's oldest fossil

    Paleontologists find world's oldest fossil

    Dodd continued to say that when the structures were developed, both Earth and Mars would have had liquid water on their surfaces. Haematite tubes from the NSB hydrothermal vent deposits that represent the oldest microfossils and evidence of life on Earth.
    New Facebook Apple TV App Now Available

    New Facebook Apple TV App Now Available

    Each row displays tiles that represent separate videos, and when you stop on a particular tile it will auto-play with sound. For that reason it lacks a search function, which isn't terribly surprising since Facebook has always been bad at search.