Value of Snapchat owner soars by 41 per cent on US stock market debut

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The value of Snapchat’s owner has soared in its New York stock exchange debut.

A flotation valued the company at $24bn (£19bn).

They began trading at $24 per share, representing a 41 per cent increase on the initial offer price.

The main question for investors ahead of Initial Public Offering (IPO) was whether Snap represented a good financial bet.

Shares were offered at the top end of the range at $17, this was good indicator of strong interest.

It’s currently 39 per cent down on its offer price, growth and other metrics are proving disappointing to investors.

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