At $17 a share, Snap hopes to raise $3.4 bn in IPO

Brendan Mc Dermid | Reuters

All told, the school sold 1.4 million shares of Snap stock, at the opening price of $17, making a cool $24 million.

Now that Snap is a publicly-traded company, it's essentially wedging its way into being in more overt direct competition for advertising dollars.

When it went public in 2013 its stock soared more than 70% on day one.

Snap still has several questions it must tackle as it transitions to a public company. It went public at a value of $104 billion, and now has a market value of more than $400 billion. The slowdown coincided with Facebook's Instagram launching a Snapchat copycat feature.

What's more, Snap shares carry no voting rights, so if investors don't like the management they can't vote them out. Snapchat banks on the ephemeral nature of posts - content disappears after 24 hours. He points out that Snapchat's popularity with millennials is appealing to advertisers and investors and is not a quality universally replicated within tech.

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The closest ratio, according to Shen, was Twitter's, with the social media company's IPO valuation being 44.8 times its revenue. Snap is getting the ticker symbol "SNAP" on the New York Stock Exchange.

Brian Wieser of Pivotal Research Group thinks Snap, creator of the popular Snapchat photo-sharing and instant messaging app, is really only worth $10 a share based on 2017 year-end financial projections. And it looks like Wall Street is going to give the company a pass on all its concerns about user growth and tricky stock structure for now and jump in for the long haul.

And Weiser is not the only analyst with an eye on Snap's rivals. The move was beset by technical glitches and accusations that the company had failed to adapt to mobile phone use, and within four months its share price had halved.

Nicole Bullock, the United States equities correspondent for the Financial Times, people were excited about the float because there had been a drought of big tech companies listing for the last few years.

Snap has had to convince potential investors that it won't have the same trajectory as Twitter has, a company that has been struggling constantly ever since its IPO, despite massive optimism shown both by the company and investors.

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