Even concerns about Snapchat’s slowing user growth aren’t stopping investors from clamoring for its stock.
Snap, the parent company of Snapchat, priced its initial public offering at $17 a share on Wednesday. It had previously proposed a range of $14 to $16 a share.
That will reportedly give Snap a market value of nearly $24 billion, making it the largest U.S. tech IPO since Facebook (FB, Tech30).
Reps for Snap did not immediately respond to a request for comment.
“The demand for the Snap IPO has been very, very strong,” says Jeff Zell, an analyst with IPO Boutique, a research firm. “Even the original naysayers and detractors from the deal have pretty much softened their negativity.”
Snap is scheduled to begin trading on the New York Stock Exchange on Thursday.
The young company saw user growth slow to a halt in the final months of last year, according to its original IPO filing last month. The slowdown coincided with Facebook’s Instagram launching a Snapchat copycat feature.
Snap’s…