The US broke its long drought of large technology initial public offerings on Thursday as shares in Snap soared more than 40 per cent in their market debut despite questions about corporate governance and profitability at the owner of vanishing messaging service Snapchat.
A pack of traders huddled around the desk of Snap’s designated market maker for more than an hour after the opening bell at the New York Stock Exchange to strike the opening price, when cheers rang out across the floor. The IPO was priced at $17, above the indicated range of $14 to $16, with the shares opening at $24.
Shares rose above $25 in afternoon trading, valuing the group at close to $30bn.
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