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INTERNATIONAL: Snapchat shares soars nearly 50% after trading begins

By CNBC

2017-03-02-16_14_26-add-new-post-st-lucia-news-online-wordpressCNBC – Snap soared as much as 45% when it opened for trading at $24 a share on Thursday.

Market makers at the New York Stock Exchange indicated the stock was set to open from $23.50 to $24.50 a share.

At 200 million shares, Snap raised $3.4 billion and was valued at nearly $24 billion as of its pricing. Sources had told CNBC earlier this week that investors were expecting a pricing of $17 to $18 per share, above the $14 to $16 per share range originally given by the company.

The IPO is 12 times oversubscribed, sources said Thursday morning, meaning that there were 12 times more orders for than there were shares offered. Some managers told CNBC they got as little as 2 percent of what they were asking for.

The pricing and high demand reflect what Wall Street’s top investment firms think about the stock, and telegraphs how the year’s most anticipated IPO might fare in the public market.

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