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Snap debuts on New York Stock Exchange

Xinhua, March 3, 2017 Adjust font size:

Snap made its trading debut on the New York Stock Exchange (NYSE) on Thursday, in the largest technology initial public offering since Alibaba.

Snap priced its IPO offering at 17 U.S. dollars, above the 14 dollars to 16 dollars per share range given by the company, trading under the ticker symbol of SNAP.

The company started trading at 24 dollars per share around midday Thursday, jumping more than 40 percent from its pricing.

Snap will have raised 3.4 billion dollars at 200 million shares and will be valued at about 24 billion dollars.

Snap's valuation is the largest for a U.S.-listed IPO since Chinese e-commerce giant Alibaba.

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.

Snap co-founder Evan Spiegel and Bobby Murphy showed up to the floor of the exchange and rang the opening bell to mark the first day of trading.

The California-based Snap is the parent company of Snapchat, a social-media app that is beloved by teenagers.

Investors kept a close eye on Snap's IPO, as public offerings have been slowing down these years.

Proceeds from the U.S. IPO market were only 18.8 billion dollars last year down from 86.6 billion dollars in 2014, according to Renaissance Capital. Enditem