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Snap Inc shares fall below $17 IPO price for first time

Snapchat owner's March market debut was the hottest US technology listing in years


Snap Inc shares slipped below their initial public offering price of $17 for the first time on Monday, signalling waning investor confidence in the social media company's growth potential as it faces fierce competition. The stock fell as low as $16.95 in late afternoon trading before closing at $16.99 on the New York Stock Exchange, down 1.1 percent. The Snapchat owner's March market debut was the hottest U.S. technology listing in years. Earlier on Monday, Credit Suisse analysts cut their price target for Snap to $25 from $30, although they kept their ...

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First Published: Tue, July 11 2017. 23:54 IST