Intraday Tips, Snap rockets 40% and keeps on flying: Stock opens at $24/share

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Snap started trading at USD 24 a share on the New York Stock Exchange on Thursday, soaring more than 40 percent from its pricing. The company, trading under the ticker SNAP, priced its 200 million share public offering at USD 17 a share on Wednesday. The IPO was 12 times oversubscribed, sources said. The young ephemeral photo messaging company posted a USD 515 million loss last year. Nonetheless, investors have bet on its quickly growing revenue and visionary leader, 26-year-old co-founder CEO Evan Spiegel. Spiegel arrived at the stock exchange on Thursday morning to ring the bell, with supermodel fiancee Miranda Kerr in tow, documenting with pictures on the app.