Snap shines on debut, but can rally last?
Shares jump 44 per cent, though some are sceptical on future growth
Shares in Snap Inc, which owns the photo app Snapchat, surged 44 per cent on their first day of trading on the New York Stock Exchange (NYSE) on Thursday.
The company announced on Wednesday night that it had raised $3.4 billion by selling 200 million shares at a price of $17 a share. Yesterday in New York, shares began trading at $24 and eventually closed at $24.45. This means the company is worth more than $28 billion.
Bloomberg reported that Snap was...
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