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AnonTechie [soylentnews.org] writes:

The company behind Snapchat is trading sharply higher in its Wall Street debut, proof, at least for a day, that there's investor demand for young but still unproven tech companies. Shares of Snap Inc. jumped $8.21, or 48 percent, to $25.21 a share in afternoon trading on Thursday. The company had priced its initial public offering of 200 million shares at $17 each on Wednesday. That was above the expected range of $14 to $16.

Snap's IPO was one of the most anticipated for a technology company since Twitter's in 2013. That, in turn, had created the biggest stir since Facebook made its debut 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.

https://phys.org/news/2017-03-snapchat-parent-rockets-higher-wall_1.html [phys.org]

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