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Snapchat rockets higher in Wall Street debut


THE ASSOCIATED PRESS

, Last Updated: 12:06 AM ET

NEW YORK — The company behind Snapchat is trading sharply higher in its Wall Street debut.

Snap Inc. jumped $ 7, or 41%, to $ 24 a share.

It had priced its initial public offering of 200 million non-voting shares at $ 17 each on Wednesday. That’s above the expected range of $ 14 to $ 16.

Snap’s IPO is one of the most anticipated for a technology company since Twitter’s in 2013. That, in turn, had created the biggest stir since Facebook took its first bow on Wall Street in 2012. Twitter is now valued at $ 11 billion, while Facebook is $ 395 billion. Snap’s pricing valued the Los Angeles company at $ 24 billion.

Snapchat is best known for disappearing messages. It’s popular with young people, but growth has slowed down in recent months.

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