3 Mar 2017

Snapchat opens on NY Stock Exchange - up 40% on IPO

From Morning Report, 7:15 am on 3 March 2017

Shares in the image messaging app Snapchat have opened up 4% from its IPO.

Susie Ferguson & Guyon Espiner on snapchat

Susie Ferguson & Guyon Espiner on snapchat Photo: RNZ

200 million shares have all been sold, valuing the company, which has yet to turn  profit, at $24 billion.

The initial price offer was for $17 a share...trading in the last few hours has seen that price shoot up to $24 a share.

Financial Times United States equities correspondent Nicole Bullock says it was a very exciting day on the trading floor, "People were just so happy to have another big deal like this because we've basically had a drought for big hot tech company listings for the last couple of years."