Snapchat parent rockets higher in Wall Street debut

The company behind Snapchat is trading sharply higher in its Wall Street debut. Snap Inc. jumped $ 7, or 41%, to $ 24 a share.

The company behind Snapchat is trading sharply higher in its Wall Street debut. Snap Inc. jumped $ 7, or 41%, to $ 24 a share.

The Snapchat logo is seen on the door of their headquarters in Venice.(Reuters)

It had priced its initial public offering of 200 million non-voting shares at $17 each yesterday. That’s above the expected range of $14 to $16.

Snap’s IPO is one of the most anticipated for a technology company since Twitter’s in 2013. That, in turn, had created the biggest stir since Facebook took its first bow 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.

Snapchat is best known for disappearing messages. It’s popular with young people, but growth has slowed down in recent months.