Snapchat owner debuts on Wall Street valuing company at £19bn

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The owner of Snapchat priced its initial public offering above expectations on Wednesday, raising $3.4bn (£2.8bn) on Wall Street thanks to strong demand from investors for one of the highest-profile stock market debuts in years, reports The Independent.

The pricing level puts a price tag of $17 on each share and means that the whole company has a market value of around $24bn, or £19bn.

That’s well ahead of its social media rival Twitter and above the slated $19.5bn to $22.3bn range that the company had been targeting.

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