Snap Closes Up 44 Percent In IPO Debut

Venice-based Snap Inc., the parent company of Snapchat, had a blockbuster debut in its first day as a public company, closing at $24.51 a share on the NYSE as SNAP, up 44.18% for the day. The company--which had priced its IPO at $17.00 last night--opened up the day at $23.50, and went as high as $26.05 in trading during the day. At an IPO valuation of $25 billion, the IPO is the fourth biggest IPO in the last ten years, exceeding even the $24.6 billion IPO of Twitter. The first day IPO surge gives Snap a valuation of more than $28.8 billion, and makes co-founders Evan Spiegel and Bobby Murphy worth more than $5.0 billion each.