Snapchat to begin trading on New York stock exchange
02 Mar 2017 - 13:51
New York: Snap Inc., parent of the popular disappearing-message app Snapchat, has priced its initial public offering of 200 million non-voting shares at $17 each.
That pricing values the five-year-old company, based in Los Angeles, at $24 billion. Earlier projections expected the range of $14 to $16.
Earlier this month, Snap filed paperwork with the Securities and Exchange Commission to become a publicly traded company.
Snap's Snapchat app is best known for disappearing messages and quirky facial filters for jazzing-up selfies. It's popular with teenagers and younger millennials.
But despite Snapchat's popularity, user growth has slowed recently.
Snapchat started 2017 with 158 million daily active users, most of whom are people in their teens, 20s and early 30s.