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Snap Inc. is an American multinational technology and social media company, founded on September 16, 2011 by Evan Spiegel and Bobby Murphy and based in Venice, Los Angeles. Its products include Snapchat and Spectacles, as well as the Bitmoji app. The company was originally named Snapchat Inc. upon its inception, but it was rebranded on September 24, 2016 as Snap Inc. in order to include the Spectacles product under a single company.
Snap Inc. shares opened up 41% this morning, as the Snapchat parent company made its highly anticipated debut on the New York Stock Exchange.
Shares of Snap (SNAP) opened at $24, above the company’s $17 issue price. Snap sold 200 million shares to raise $3.4 billion, making it the largest U.S. IPO since Alibaba Group Holding Ltd.’s (BABA) offering in 2014. The IPO price commanded an initial market capitalization of $19.7 billion, though that valuation rises to roughly $24 billion on a fully diluted basis. Both figures are above Snap’s last reported private market valuation of $17.8 billion.
Snap said it generated $404 million in sales in 2016. A valuation of $24 billion is about 60 times revenue.
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