Snap Inc, the parent company of Snapchat, hit the New York Stock Exchange this morning at $24 a share, rising 41.2 percent from its pricing at the open.
100 million shares changed hands in the first 30 minutes of trading, making it one of the most active stocks on the NYSE, shortly after it opened.
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, according to sources.
The opening price of $24 now puts the company’s value near $33 billion, close to the size of Marriot and Target. Though the young social media company posted a $515 million loss last year, it has not stopped investors from betting on its quickly growing revenue and leader, 26-year-old co-founder CEO Evan Spiegel.
Here’s how the company stacks up to past bigtech IPOs according to a CNBC analysis of data from FactSet and Renaissance.
- LinkedIn went public on May 19, 2011, and priced at $45 per share. It doubled in its debut, gaining 109.44 percent to close at $94.25.
–Deal size $352.8 million
- Groupon went public on Nov. 4, 2011, priced its shares between $20. It gained 31 percent in its debut, closing at $26.11
- Facebook went public on May 18, 2012, priced at $38 per share. It gained only 0.61 percent in its debut closing at $38.23.
-Deal Size: Almost $16 billion
- Twitter went public on Nov. 7, 2013, priced at $26 per share. It gained 72.69 percent in its debut closing at $44.90.
-Deal Size $1.82 billion (shares used to calculate do not contain the overallotment)
- Alibaba went public on Sept. 19, 2014, and priced at $68 per share. It gained 38.07 percent in its debut closing at $93.89.
-Deal Size $21.77 billion (not including overallotment or green shoe)