California high school makes $24 million from Snap IPO

California high school makes $24 million from Snap IPO

SAN FRANCISCO/March 3, 2017 (AP)(STL.News) Snap IPO — A California high school has made millions of dollars from the initial public offering of shares in Snap Inc., the company behind the Snapchat photo messaging application.

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Simon Chiu, the president of Saint Francis high school in Mountainview, said the school board agreed to invest $15,000 in seed money in Snap in 2012, when the company was just getting started. They had been invited to do so by one of the student’s parents, who was a venture capital investor.

Snap shares sold for $17 each in an IPO this week and their price rocketed 44 percent higher when trading began Thursday.

The school was quoted by media including Quartz as saying they sold two-thirds of their shares at $17 each, to raise $24 million.

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