zerohedge.com / by Tyler Durden / Mar 2, 2017 11:21 AM
Having priced at $17, Snap Inc. opened for trading at $24, valuing the company over $34 billion – almost three times the size of Twitter, bigger than both HP and CBS, and almost as big as Ebay.
41% jump at the open from the IPO price and extending gains to $25..
Losses greater than revenues make for “hard math to work with” for investors, George Maris, portfolio manager at Janus Capital, says on Bloomberg Television.
At this valuation, Snap is almost three times the size of Twitter ($11.5bn)
Snap sold 200 million shares at $17 each for $3.4 billion, above the initial range of $14 to $16. It was oversubscribed by ten times, according to sources.