A high school in Mountain View, California, has made millions from Snap's initial public offering (IPO) less than four years after investing $15,000 in the Venice, California-based technology company.
Saint Francis High School was one of the first investors in the company behind the ephemeral messaging app Snapchat, having invested a small proportion of its endowment fund in Snap Inc's seed round of financing in 2012.
Snap made its trading debut Thursday at the New York Stock Exchange. It had priced its IPO of 200 million shares at $17 each but shortly after the opening bell stock began trading significantly higher, eventually closing at $24.48 per share – up 44 percent on expectations.
Saint Francis, a private Catholic school with annual tuition fees over $17,000, sold 1.4 million shares – two thirds of its overall stake – for $17 per share at Thursday's IPO.