Snap IPO values company at $24 billion on $17 a share

Snap’s long-awaited market debut is almost here.

The parent
company of Snapchat priced on Wednesday its initial public offering at
$17 per share, valuing the company at nearly $24 billion. Shares will
start trading Thursday on the New York Stock Exchange under the ticker
symbol SNAP.
Snap expects to raise around $3 billion in its IPO.
It plans to use those funds to do things like hire more people and make
acquisitions. The pricing values the company above the range of $19.5 billion to $22.2 billion it reported in a filing last month.
debut on the New York Stock Exchange ushers in a new era for the young
Los Angeles-based company, which at first had to fight to be taken
seriously. The app, started by 26-year-old Stanford dropout Evan
Spiegel, lets people post photos and videos that self-detonate after a
period of time. So when the app first came out, much of the press and
Silicon Valley observers derided it as a sexting app.
But it was
much more than that. In reality, Snap marked the emergence of casual
social networking: Since posts quickly disappeared, people didn’t have
to worry about their photos and videos being impressive enough to stand
the test of time. Instead they felt more comfortable posting anything,
from the mundane to amusing.
Because of that, young people love
it. Nearly 70 percent of all 18- to 24-year-olds in the US use the app,
according to ComScore.
CNET Magazine: Check out a sampling of the stories you’ll find in CNET’s newsstand edition.
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