It priced 200 million shares at 17, above the high end of its estimated range and the largest USA -listed IPO since Facebook came public in 2012 and Alibaba in September 2014. That's significant, as Snap floated less than that - 200 million - in its initial public offering (IPO). Facebook, on the other hand, had a rough first day as a public company, with the share price closing exactly where it opened (companies normally try to price it so it goes up about 20% on the first day). Snapchat had 158 million daily users in the most recent quarter, compared to Facebook's 1.23 billion daily users.
In the filing, Snap repeatedly said its user numbers and engagement "can be lumpy and unpredictable" - or the opposite of what Wall Street typically prefers.
According to the document, the company had revenue of $404.5 million in 2016, up from $58.7 million in 2015.
The Washington Post reports that Snap - which now uses ticker symbol SNAP - began trading at $24 a share beating expectations prior to the debut and giving the company a valuation of $28 billion.
Coyotes trade Hanzal to Wild
One phrase has been used to describe this season's National Hockey League trade deadline over and over again: "seller's market". For the Coyotes, General Manager John Chayka secured a sizable haul of decent draft choices over the next three years.
The tech company's Venice neighbors have been protesting this week in advance of the IPO, blaming Snap for gobbling up commercial and private real estate and making the area unaffordable and ruining the community feel.
Bernadette Tansey is Xconomy's San Francisco Editor. It was clear that the company was the center focus of the day.
Everyone who's ever used Snapchat knows that the visuals are front and center in the ephemeral messaging app, boosting users' engagement and keeping them hooked to the app. In 2012, Mark Zuckerberg became an instant billionaire 19 times over when Facebook went public (even if that IPO didn't go as planned). He saw that founder Evan Spiegel was "determined to make technology work for us, rather than change behaviors necessarily - like with ephemeral nature of communications". After all, Snap's shareholders will still retain one lever of control: "Investors can vote with their feet", Feldman says.
Despite a almost 7-fold increase in revenue, the Los Angeles-based company's net loss jumped 38 percent previous year.