Snap, Incorporated raised $3.4 billion in its initial public offering. With an IPO price of $17 per share, trading closed at $24.48. The company was then valued at $33 billion. Snapchat is a social media application that sends images and text that self-delete after a short time. During the IPO roadshow, concerns were raised that the number of new Snapchat users was waning and that the company may never become profitable; but analysts say that is not as important as the hype. Snap limited the supply of stock offered to 15%, and then restricted 25% of that stock from being flipped for a year. Only nonvoting shares were offered. The serendipitous timing of the IPO perhaps paid off better than strategy, a shortage of new stocks being offered on a day when stock values reached record highs. Trading took a little longer than expected because demand exceeded supply.