Snap will begin trading on the New York Stock Exchange tomorrow morning, in what is one of the biggest and most highly-anticipated U.S. market debuts of recent years.
Snap's IPO was oversubscribed by more than 10 times, indicating a hunger for the shares that might produce a pop on the first day of trading.
Chris Sacca, an investor who has appeared on the show Shark Tank, poked fun at himself on Thursday, the day that Snap Inc. made its stock market debut.
And the floatation comes despite slowing growth of Snapchat users and the company's reported loss of £417million ($514m) in 2016.
Barry Eggers, founder of Lightspeed Venture Partners, listened to his daughter and his firm became one of Snap's first investors with $15.2 million in early 2012. In November, it expressed hopes for a valuation in the $20-25 billion range.
The launch could encourage debuts by other so-called unicorns, tech startups with private valuations of $1 billion or more.
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The company will reap about $2.3 billion in net proceeds from the sale of 200 million shares of Class A common stock.
Twitter, for example, shot up almost 73 per cent on its first trading day and now trades well below its IPO price.
Despite a almost seven-fold increase in revenue, the Los Angeles-based company's net loss widened 38 percent past year. Twitter's stock price soared for much of its first two months as a public company, only to begin crashing after its first earnings report.
The company's losses widened a year ago, and user growth is slowing down in the face of intense competition from larger rivals such as Facebook. Timothy Sehn, Snap's vice president of engineering, is now worth at least $165.3 million on his 6.7 million shares in the company.
Demand reportedly outstripped the supply of 300 million shares by tenfold.
The real gem for these folks is that, unlike Snap insiders and some other investors, the friends likely aren't subject to a lockup that keeps them from selling the stock right away.
Snap admits that it doesn't foresee making a profit any time soon.