Snap started trading at $24 a share on the New York Stock Exchange on Thursday, rising 41.2 percent from its pricing.
The company, trading under the ticker SNAP, priced its 200 million share public offering at $17 a share on Wednesday. The IPO was 12 times oversubscribed, sources said.
After opening shortly before 11:20 a.m. on Thursday in New York, shares traded around $24.40 a share, up 44 percent, with 64 million shares changing hands.
The opening price of $24 puts the company’s market capitalization at about $33 billion, about the size of Marriot and Target. Twitter’s market cap is about 11 billion, while Facebook’s is about $395 billion.
The young ephemeral photo messaging company posted a $515 million loss last year. Nonetheless, investors have bet on its quickly growing revenue and visionary leader, 26-year-old co-founder CEO Evan Spiegel.
