A California high school has been literally showered with cash after Snapchat rang the bell at New York Stock Exchange to go public – the initial public offering (IPO) of shares has been a massive success and it has left many shareholders literally rolling in riches and this includes, of all things, a school! The school made millions of dollars from the Snap Inc IPO, the parent company of photo messaging application Snapchat.
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The school had invested some $15,000 as far back as 2012 and that too on an invitation by the parent of a student who happened to be one of the early investors, revealed school president Simon Chiu – it was a chance to strike it rich and that is exactly how it turned out. Snap shares jumped to $17 each in an IPO this week after the price soared as much as 44% when the trading began despite many analysts questioning whether the company has the power to last, saying that its potential may be as short-lived as the app service it provides. According to a report, the school sold two-thirds of their shares at $17 and received $24 mn in return. Snapchat’s IPO is the first amongst the startups and leads way for other overheated startups. Snap was the first technology listing of 2017 in the US. Not just the school, others too have become uber-rich courtesy Snap IPO and among them are the co-founders. According to reports, both Evan Spiegel and Bobby Murphy’s net worth is $5.3 billion each.
Snap Inc valued its company at $22 billion ahead of IPO. Snapchat is a photo sharing application which is also planning to launch an Android-based smartphone. The smartphone is aimed at giving its consumers more control over the camera features. Snapchat has also rolled out plenty of features. The application attracted users because of its Unique selling point of deleting the shared pictures within 24 hours of uploading. Snapchat had sought $3 billion in its initial public offering. The tech giant aims to derive its revenue from advertising. It aims to compete against Google, Facebook and Twitter