"The demand for the Snap IPO has been very, very strong", says Jeff Zell, an analyst with IPO Boutique, a research firm.
The California-based company raised $US3.4 billion in the IPO, with net proceeds of about $US2.3 billion.
Snap, Inc. Is now valued at $33 billion dollars, which puts it on par with Target and the Marriott Hotel chain.
In fact, appetite for Snap stock was so strong, many investors accidentally poured money into a completely unrelated company, Snap Interactive, as economist Justin Wolfers pointed out on Twitter.
Mountain View-based Saint Francis High School could win big after Snap Inc.'s shares soar in IPO's first-day trading.
Some analysts are expressing pessimism about the immediate future of the stock, pointing out that Snap's fundamentals are closer to Twitter than Facebook.More news: DAYTONA 500 NOTEBOOK: Despite crash, Earnhardt encouraged by strong performance
Snap created three classes of stock, and sold the public Class A shares that give buyers no opportunity to vote on company governance. He announced his plans to exit in January to focus on Snap, which calls itself a "camera company" but whose main product is the Snapchat disappearing-message and media app. It sold two-thirds of those shares at the IPO price.
Snapchat co-founders Bobby Murphy, left, and CEO Evan Spiegel and Thomas Farley, right, president of the Exchange.
Snap's IPO order book was more than 10 times oversubscribed and could have allowed the company to price its shares at as much as $19 a share. They generally include IPOs only after a few days of public trading.
The microblogging site came out with its IPO in November 2013, selling 70 million shares to raise about $1.8 billion. Snap is also pretty aggressive on the acquisition front, which means it needs a lot of capital to continue buying up startups.
Nicole Bullock, the U.S. equities correspondent for the Financial Times, people were excited about the float because there had been a drought of big tech companies listing for the last few years.