As Snap Inc, the parent company of Snapchat goes public today Thursday, the company has been said to be worth USD24 billion.
The company has priced its shares at $17 ahead of Thursday’s listing on the US stock market. The flotation values the business at $24bn, although Snap has never made a profit. This IPO is expected to turn the company’s founders Evan Spiegel and Bobby Murphy into multi-billionaires.
Snapchat, which is especially popular with teenagers, allows users to send images and messages which then vanish. The shares, which were more than ten times oversubscribed, will list on the New York Stock Exchange.
It is worthy to note that investors at the flotation will not have voting rights.