The strong debut lifted Snap’s value to $28 billion, or more than double that of social media rival Twitter, which went public in 2013. Photo: ReutersWashington: Snapchat owner Snap Inc rode a wave of euphoria in its Wall Street debut on Thursday as investors sent shares of the popular messaging app soaring. Snap jumped 44% to close at $24.48 in its inaugural trading day, after raising $3.4 billion in the richest US tech company listing since Facebook in 2012. The strong debut lifted its value to $28 billion, or more than double that of social media rival Twitter, which went public in 2013. “Snap is a promising early stage company with significant opportunity ahead of itself,” Wieser said in a research note.

Source: Mint March 03, 2017 04:01 UTC