Snap tumbles below IPO opening price as analysts say 'sell'
It fell to US$23.77 on Monday, valuing the company at about US$28 billion
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New York
AFTER a euphoric market debut, Snap Inc shares dropped for the first time in three days and fell below the opening price of US$24 on their first day of public trading after analysts began weighing in with their thoughts on the company's true valuation.
The parent company of disappearing-photo app maker Snapchat priced shares in its initial public offering last Wednesday and they surged 44 per cent on the first day of trading. On Friday the stock climbed a further 11 per cent.
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