Snap Inc debuted on the New York Stock Exchange on Wednesday. The company saw an impressive response and a 44 percent rise in its share value.
The IPO started at a value of $17 per share, with the stocks closing at $24.48.
As a result, Snap Inc is now valued at $28.3 Billion, more than Twitter.
The event held many similarities to the Twitter's Public Offering which took place in 2013.Also read: Instagram to Display Full-Screen Ads in 'Stories'
The IPO of the company is the biggest since Alibaba’s IPO in 2014.
This comes as a sigh of relief for the investors as Snapchat has been observing a slight decrease in its revenue due to Facebook CEO’s constant efforts to eliminate competition.
Mark Zuckerberg certainly knows the potential of Snapchat and how the app can be potentially harmful for the Facebook-owned companies.
The constant Snapchat-like feature updates by these companies can further drive Snapchat’s value down in the market. Given that Facebook Inc has much more capital, resources and user base, Snapchat will have to be on its toes to maintain its stronghold in the market.Also read: Snap Inc Shares Set For Market Debut After $3.4 Billion IPO
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