It could have turned out like the Facebook deal, which prompted concern for the entire underwriting process. It could have been like Twitter, which was too hot too soon.
Snap could have been designed to offer a big pop like what happened with Zynga and Groupon, as only a small amount of stock was released initially and there was real angst about how the stock market can store wealth.
"When one of these blows up, it makes you feel reckless trying to save money with these flimsy pieces of paper," Cramer said.
Based on the action for Snap, Cramer valued the stock at 35 times sales, almost twice what Facebook sold for when it came public. But Facebook was on the verge of profitability and Snap isn't anywhere near it. While he couldn't condone paying that much for a stock, he pointed to the syndication process on Wall Street for the heavy valuation.
Still, it was a significant occasion that the deal managed to go off without a hitch Thursday. Here are four things that Cramer said could have gone wrong but didn't:
No. 1: It turned out that there was a lot of money around to buy shares of Snap. Sometimes with a big deal, investors will sell similar stocks to buy the stock that hit the tape. There was selling, but it took place in other groups outside of tech.
No. 2: Despite the expensive price of the stock, there wasn't any panic because it was handled in a smooth and practiced way .
No. 3: After Wednesday's rally, the market could have easily had a dramatic decline, but instead had more of a "garden variety" decline from the Dow's 21,000 level.
No. 4 Shares of Caterpillar were crushed when news broke that its headquarters were raided by federal authorities who were executing on a search and seizure warrant for documents and electronic information. This stock is a big component of the Dow and has a huge following, so the industrials could have been hammered. Instead, they barely moved.
"A declining day following a rampaging bull run is a sign of health, especially when it is associated with a gigantic, yet well run IPO. It should ultimately bring out more buyers than sellers, and more initial public offerings of companies that had been fearful to tap the markets," Cramer said.
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