Shares of the owner of Snapchat has risen by 47% in first post-IPO trades

The company’s shares Snap — the owner of the service Snapchat is on the first post-IPO trades on March 2 on the new York stock exchange rose in price by 47% compared to the original price, according to data exchange. According to 20:40 GMT, the company’s securities are traded at $25 per share (+47,06%).

During the opening of trading the company’s shares began to be sold at a price of $24. While in the framework of the primary placement papers Snap was valued at $17 per share.

CNBC adds that in the first 30 minutes of trading has sold about 100 million shares. Snap previously said that the IPO will be sold 200 million shares. Channel sources add that the order book for shares Snap was oversubscribed 12 times.

Given the opening price of $24 per share, the company’s capitalization Snap is about $33 billion, says CNBC. For comparison, the market capitalization of Twitter is around $11 billion, market capitalization of Facebook is around $395 billion.

Service Snapchat was created in 2011 by Stanford University students Evan Spiegel, Frank brown and Bobby Murphy. The service allows you to send messages that contain photos, video and text, and after viewing immediately removed from users ‘ devices.