The six-year-old startup, beloved by millennials, is the biggest USA tech company to go public since Facebook, which was worth $104 billion at its 2012 IPO. The company aimed to raise $3 billion in capital through the IPO.
That's a remarkable open since new issues typically see a lot of see-sawing on the first day as investors weigh demand for the stock against the company's actual business. Allocating big blocks of shares to large mutual funds or even corporate investors is one way to ensure a large stock sale's success.
The main question for investors ahead of the Initial Public Offering (IPO) was whether Snap represented a good financial bet given varied performances for similar stocks since their own market bows.
The IPO of the parent company of the disappearing content app maker Snapchat had investors as excited for the technology company as they were when Twitter's stock debuted in 2013.
The massive valuation for an app that allows teenagers to plant virtual bunny ears on each other's heads reflects Facebook's declining popularity with younger web users - but the world's biggest social network is fighting back. That left the company with a market cap north of $28 billion.
U.S. manufacturing climbed to best level since mid
Production saw a 1.5 percent gain to 62.9 for its sixth straight month of growth and at its highest level since March 2011's 64.2. The index at 45.2 points indicated a decline in production level when compared to the 51.3 points in the previous month.
It is now 39% down on its offer price - its user growth and other metrics consistently proving disappointing for investors. In 2015, it reported losses of $372.9 million; a year later it documented a loss of $514.6 million.
Along with all his money, Spiegel and his co-founder will maintain control of the company.
Snapchat had 161 million daily active users (DAUs) in the last month of the quarter that ended on December 31, 2016.
Facebook's IPO in 2012 at $38 per share valued the company at $104 billion (it's now worth almost $400 billion).
Snap expects as many as 50 million class A shares t be subjec to a lock up agreement of one year.