Snap's IPO spectacle
As you've likely heard by now, Snap last night priced its IPO at $17 per share. That's above the proposed $14-$16 price range, which means that the Los Angeles-based "camera company" raised $3.4 billion at around a $24 billion valuation. For context, the 15 U.S.-based tech companies that went public in 2016 raised a total of just $1.44 billion (per Richard Peterson at S&P Global). Shares opened trading at $24.