Catholic high school earns millions from Snapchat IPO

Catholic high school earns millions from Snapchat IPO

Catholic high school earns millions from Snapchat IPO

The company raised $3.4 billion in an initial public offering this week, and its shares have popped 60% from the IPO price. That will value the company-started by three Stanford students and once written off as little more than a teen sexting app-at about $24 billion. Simon Chiu, president of the school, announced the sale of the school's stock during Snap's public offering this week in a letter to parents.

The hugely successful initial public offering of Snap (SNAP) sends a positive message to unicorns and their backers who have anxious that the public markets will no longer support private tech valuations.

The Wednesday pricing makes Snap's IPO the largest in the USA since Alibaba went public in 2014 and could give the recently slow market for technology IPOs a boost. Reuters reports the owner of the Snapchat messaging app will serve up a number at the end of the trading day, with expectations of anywhere between $14 and $16 a share and a possible valuation of more than $20 billion.

Snap's business is to "create the best camera platform so we can drive engagement and monetize that engagement through advertising", Chief Strategy Officer Imran Khan said in a video posted as the IPO kicked off. Snapchat runs television-style ads on its Stories feature, which appear for users in between their friends' stories. In the 2017 IPO Watch List, you'll get an inside look at Snap's exciting prospects and potential challenges.

Nevertheless, people are excited, though Snap's $17 a share pales in comparison to Facebook's IPO, where shares were priced at $38 a pop.

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Snap, owner of the Snapchat, has priced its shares for listing on the U.S. stock market at $17 per share, Reuters has reported. Saint Francis High School in Mountain View, California, was one of Snapchat's first investors, taking $15,000 from their endowment in 2012 to invest in the startup. The IPO also is the first to issue shares without voting rights - meaning co-founders Evan Spiegel and Robert Murphy will retain 89 percent of the company's voting power, and the co-founders will be able to make major decisions about mergers, sales and the election or removal of directors without outside input.

Spiegel and cofounder Bobby Murphy each sold 16 million shares in the IPO that earned them US$272 million apiece. This follows an opening day on Wall Street where Snap shares surged 44%.

Benchmark Capital, Lightspeed Venture Partners, and General Catalyst are among the investors that planned to sell shares.

It's looking like Sacca really missed out on this opportunity, but he's done well with other risks, like investing in Twitter, Uber and Instagram early on.

Yet among the attractive figures for investors are Snap's average of 158 million active daily users.

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