![]() I.P.O.-happy investors, he told me, are missing the ways in which Snap differs from other so-called unicorns-tech startups valued at a billion dollars or more. and founder of CB Insights, a firm that studies startups, cautions against expecting an immediate return to the good old days. The majority of these users are young, which suggests that the company could age profitably. Investors’ special interest in Snap also stems from the fact that its flagship social-media platform has a large and highly engaged following-a hundred and sixty-one million users as of the end of 2016, most of whom spend more than twenty-five minutes a day on the Snapchat app. ![]() Only sixteen tech companies went public in 2016 in the United States, down from twenty-three in 2015 and thirty-seven in 2014, according to P.W.C. He added that Snap has “shown the waters are safe.”Īll this excitement is driven, in part, by the memory of last year’s very meagre I.P.O. “My prediction is that 2017 is going to see an explosion of I.P.O.s,” Venky Ganesan, the managing director of Menlo Ventures and the chairman of the National Venture Capital Association, told the San Jose Mercury News. is the happy snapping of fingers,” Kathleen Smith, a principal at Renaissance Capital, told the New York Times. “The sound you’re hearing today after the Snap I.P.O. Already, tech analysts are hoping that Thursday’s news heralds an I.P.O. It closed its first day of trading at $24.47 a share, forty-four per cent higher than where it began. ![]() The company, which is based in Los Angeles, raised $3.4 billion through the sale of two hundred million shares-reportedly about a tenth of what the market would have lapped up. was the largest in the United States since Alibaba’s, in 2014, and the third-largest tech I.P.O. According to Renaissance Capital, a Wall Street firm that focusses on initial public offerings, Snap’s I.P.O. That was the day that Snap, the company formerly known as Snapchat, went public. Perhaps that’s why Thursday felt like a respite. Last week was especially brutal, most of all for Uber, which is reckoning with both a sexual-harassment scandal-not the Valley’s first-and a major lawsuit over alleged intellectual-property theft. It’s been a while since Silicon Valley had reason to smile.
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