Snap IPO values company at double Facebook's worth
Snap raises US$3.4b in the biggest social-media offering since Twitter more than 3 years ago
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SNAP Inc, maker of the disappearing photo app dependent upon the fickle favour of the millennial demographic, is going public at a valuation at least twice as expensive as Facebook Inc, and four times more costly than Twitter Inc.
Snap sold 200 million shares in its initial public offering at US$17 each, according to a statement on Wednesday. At that price, it has a market value of about US$20 billion, based on 1.16 billion shares outstanding after the IPO.
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