Would Snap be offering a fun, affordable alternative to the current drone enthusiast market, now dominated by professional-leaning drones like DJI's Phantom?
The sale, of 200 million shares in total, demonstrated a frenzy of demand for the stock and it took nearly two hours from the opening bell being rung for the opening price to emerge. Unlike many companies like Uber and Airbnb with sky-high valuations, Snapchat made a decision to go public earlier in its monetization, probably because it's better to go public before the market considers the company overvalued.
According to the document, the company had revenue of $404.5 million in 2016, up from $58.7 million in 2015.
The company's growth has been largely driven by younger users, who spend over 30 minutes on it per day, according to the company's filing.
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At least 16 deaths and more than 180 serious injuries have been linked to exploding Takata airbag inflators. Volkswagen is scheduled to appear in court to formally plead guilty, as a company, on March 10.
The company, which launched in 2011, allows users to send pictures and videos which then disappear after 10 seconds. The $17 pricing would value Snap at $24 billion and is expected to raise some $3.4 billion in cash for the company.
Reflecting strong investor demand for the vanishing-message app maker, Snap on Wednesday priced shares for the IPO at $17 per share.
"It is not that common that you get to be the first investor in a company that debuts on the New York Stock Exchange at the value Snapchat did", Jeremy Liew, a partner at Lightspeed, told CNNTech on Thursday. After all, Snap's shareholders will still retain one lever of control: "Investors can vote with their feet", Feldman says. That explains why Spiegel is hoping to convince investors it's not merely a social media company, but instead a "camera company". In comparison, users above 25 years of age, open Snapchat 12 times a day on average and spend about 20 minutes on the app.
The number of people downloading Instagram's app has been accelerating during the past six months, suggesting a gradual shift away from the Snapchat app, based on an analysis financial advice site ValuePenguin did of activity in Apple's app store.
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