Tencent, Alibaba and Yahoo celebrate an exit as Snap prices its shares at $17 a piece to reach a valuation of approximately $24bn.
Snap, a US-based social media company backed by several internet companies, last night priced 200 million shares at $17 each and raised $3.4bn in its flotation on the New York Stock Exchange, according to Reuters.
The initial public offering values Snap at approximately $24bn – putting the offering above the targeted range of $14 to $16 a share, which would have valued the company at $19.5bn to $22.3bn.
Snap was valued at almost 60 times its revenue, more than…
