Snaspshot shares smash record on its highly-anticipated debut in NYE

Snapshot

Snapshot shares shrugged off doubts on the company’s slumping user growth that could attribute to major losses as the messaging app firm tallied a near 50% gain in much awaited debut on the New York Stock Exchange, to be touted as the hottest technology stock offering since 2014.

First Day High

Shares of Snapshot Inc (SNAP.N) sold 200 million shares in its first day in the stock market, closing 44% higher at $24, after investors flocked to the newest tech stock, which notched the record as the largest initial public offering in US, raising 3.4 billion on its debut, since Alibaba Group Holding Ltd. raised $21 billion three years ago.

The stock was initially offered at $17 but with investors clamor to the newest technology share, it traded as much as 53% higher to hit an intraday of $26.05before easing at $24.48 at the close, which gave the company a market value of $28.3 billion.

Tech giants like Twitter and MySpace also took the stock market in their respective first days and was valued by Wall Street on the amount higher than their present valuation that is why analysts have already shown skepticism towards the future of the popular messaging app.

Some naysayers doubted the firm for its huge losses incurred last year, which are expected to persist in the next years, and its major slump in user growth but the strong performance in its debut was due to investors’ hope for future innovations.

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