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Snapchat shares soar 44% on first day of trading, valuation $28 billion

The stock closed at $24.48, giving the company a market value of $28.3 billion

IANS  |  New York 

Snap Inc, the parent company of messaging app Snapchat, has gone public with stocks soaring 44 per cent on their first day of trading and valuing the company at $28 billion, the media reported on Friday. Shortly after co-founders Evan Spiegel and Bobby Murphy on Thursday rang the opening bell on the New York Stock Exchange, the company's share price rose 41 per cent from its guide price of $17 a share to an opening price of $24, The Guardian reported. The stock closed at $24.48, giving the company a market value of $28.3 billion. At one point it reached $26.05 and a ...

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First Published: Fri, March 03 2017. 11:50 IST
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