Wall Street Journal

Snapchat Parent Snap Valued at $24 Billion After IPO Pricing

Corrie Driebusch and Maureen Farrell, reporting for Wall Street Journal;

Snap Inc. priced its initial public offering above expectations Wednesday, as investors clamored for a piece of the biggest technology IPO in the U.S. since Alibaba Group Holding Ltd. made its debut in 2014.

Snap fetched $17 a share in its offering, the company said, confirming an earlier report by The Wall Street Journal. That gives the parent of popular disappearing-message app Snapchat a market value of nearly $24 billion. It was also above the $14 to $16 a share Snap had targeted, indicating strong demand for an IPO that has captivated investors and analysts since the company confidentially filed for the offering late last year.

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