Snapchat owner shares priced at $17

Snapchat logos

Snap, owner of the Snapchat, has priced its shares for listing on the US stock market at $17 per share.

The flotation values the business at $24bn, although Snap has never made a profit.

It will turn the company’s founders Evan Spiegel and Bobby Murphy into multi-billionaires.

Snapchat, a messaging app popular with teenagers, allows users to send images and messages that then vanish.

The shares, which were more than ten times oversubscribed, will list on the New York Stock Exchange on Thursday.

Shareholders who buy shares at the flotation will not have voting rights.

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