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Greg Ruben / Axios

Snap Inc. has priced its highly-anticipated IPO at $17 per share, as first reported by The Wall Street Journal. This is slightly above its expected price range of $14-$16 per share, and would mean that the Los Angeles-based "camera company" raised $3.4 billion at around a $24 billion valuation.

Snap is expected to begin trading on Thursday morning under ticker symbol SNAP, while Morgan Stanley led a group of seven underwriters.

Why this matters: Snap would be the year's first tech IPO, and the largest such offering since Alibaba went public in 2014. It also is the biggest so-called "unicorn" to go public since the phrase was coined, having been valued by private market investors at $17.8 billion. Some view Snap's stock market performance as an indicator of how future tech startups will fare with their own IPOs, although more tech investors believe that the company is unique and, therefore, will not have much impact on those that follow.

Pricing pop: Finding the right IPO price for an oversubscribed offering like Snap can be tricky. On the one hand, companies want to raise every last dollar, since it helps to fund growth. On the other, negative aftermarket performance can weigh on a company's reputation with both potential customers and employees (something Facebook suffered through for a while after its troubled offering in 2012).

Key indicator: One big thing we still don't know is how many of Snap's IPO buyers are long-term investors. Reports earlier this week suggested that the company is asking investors for a one-year lock-up ― which is more than twice the lockup period for most of Snap's VC backers and vested employees ― which would be a big vote of confidence in a company that has yet to produce profits and whose growth is under attack by Facebook's Instagram.

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
43 mins ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.