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Snap Applies Lock-up to IPO Shares

Snap Applies Lock-up to IPO Shares

At $17 a share, the parent of popular disappearing-messaging app Snapchat has a market valuation of roughly $24 billion, more than double the size of rival Twitter and the richest valuation in a USA tech IPO since Facebook in 2012.

Proceeds from the U.S. IPO market were only 18.8 billion dollars a year ago down from 86.6 billion dollars in 2014, according to Renaissance Capital.

Some analysts are expressing pessimism about the immediate future of the stock, pointing out that Snap's fundamentals are closer to Twitter than Facebook.

Snapchat debuted on the New York Stock Exchange as SNAP today, opening at $24 per share. The firm invested in Snap's 2013 Series B funding round.

The company priced its share at $17 in its IPO, giving it a valuation of around $24bn, but the opening trading price was much higher than that, even though the company has never posted a profit.

Snap is expected to start trading on the New York Stock Exchange on Thursday (local time) under the symbol SNAP.

More news: 8-year-old shot to death after crash in Houston

Snap Inc is nearing its IPO and the company expects investors buying up to a quarter of the shares, to agree to hold them for as long as a year.

Timothy Sehn may not be as well known as some of the others on the list, but Snap's engineering chief is one of the biggest winners from the IPO. The stock is now trading at almost $26/share, boosting Snaps market cap to just shy of $30 billion. As for Snap, the company filed to go public early last month.

And the floatation comes despite slowing growth of Snapchat users and the company's reported loss of £417million ($514m) in 2016.

However, its net loss widened 38 percent previous year. Then there's CEO Evan Spiegel's unusual grip on the company's voting stock. In the 2017 IPO Watch List, you'll get an inside look at Snap's exciting prospects and potential challenges.

It is the most valuable American technology company to go public since Facebook almost five years ago.

Snap began trading at $24 per share, representing a 41% increase on the initial offer price which was at the top end of market expectations.

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