Investing.com – Snap closed at $24.48 per share, a notch above its opening price of $24 and more than 40% higher than its original share price of $17.
Throughout the session shares of Snap Inc (NYSE:SNAP) traded well above its opening price and hit an intraday high of $26.05 per share, which seemed to reflect a few market participants’ view that the offering was oversubscribed.
According to Snap’s initial public offering filling, Snapchat, Snap’s main service, has a user base of 158 million people, who send 2.5 billion messages daily and spend 30 minutes using the service per day.
Despite the strong-user base and high user engagement, the company is yet to profit from its popularity, as it posted a $515 million loss in 2016.
"For the year ended December 31, 2016, we incurred a net loss of $514.6 million, as compared to a net loss of $372.9 million for the year ended December 31, 2015," snap’s IPO filing read.
At its closing price of $24.48, Snap fetched a valuation of around $28 billion.