Social media darling Snapchat's parent company, Snap Inc, has priced its highly-anticipated initial public offering above its target range at $17 a share.
The company raised $3.4 billion and at that share price, Snap will have a market valuation of about $24 billion.
For perspective, Reuters notes, that's double the size of Twitter and the biggest tech IPO in the U.S. since Facebook, making Snap the hottest (tech) stock in years. Translation: Snap's co-founders and some investors will amass millions overnight.
Snap will price above the range it set. But below where bankers had originally been whispering.— Dan Primack (@danprimack) March 1, 2017
Some are still skeptical about the company -- which is not yet profitable.
The self-described camera company will be listed on the New York Stock Exchange under the ticker symbol SNAP. It will begin trading on March 2.
In their SEC filing, the tech company disclosed that its user numbers have grown to 158 million daily active users that take 2.5 billion snap each day. User growth aside, Snap recognizes it has to innovate to keep users interested.