Snapchat valued at $33bn on first day of NYSE trading

Snap Inc started trading at $24 a share on the New York Stock Exchange (NYSE) – leaving its market capitalisation at around $33bn – as shares soared by more than 40 per cent in its first day of trading.

The parent company of Snapchat raised $3.4bn in its initial public offering (IPO), after pricing the 200m share public offering at $17 a share on Wednesday. Its IPO made it the biggest tech offering on a US exchange since Chinese eCommerce company Alibaba went public in 2014, and made its 20-something co-founders CEO Evan Spiegel and CTO Bobby Murphy into billionaires.

More to follow.