Snap raised $3.4 billion in its better-than-expected initial public offering of stock on Wednesday. The company, which is the parent of the popular messaging app Snapchat, sold 200 million shares at $17 each, above the projected range of $14 to $16. The pricing values the company at $24 billion. Snap's stock makes its market debut on Thursday. Snap's IPO is among the most anticipated tech debuts since Twitter's in 2013 and Facebook's in 2012. Snapchat had 158 million daily active users at the start of the year, most of them young people, from teens to those in their early 30s. The app's growth slowed last year as it faced competition from Facebook's Instagram photo-sharing app.
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