SAN FRANCISCO (CBSMiami/AP) — A U.S. high school made millions of dollars from the initial public offering of shares in Snap Inc., the company behind the popular Snapchat app.READ MORE: Hot & Steamy Afternoon, Little Chance For Rain
The board of the Saint Francis high school in Mountain View, California 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, a venture capital investor, the high school president says in a letter issued to the school community Thursday.
The school held onto the investment until this week, when Snap shares sold for $17 each in an IPO. The share price rocketed another 44 percent higher when trading began Thursday.READ MORE: First Suspected Case Of Monkeypox In Broward, Warning Signs To Look For
The school was quoted by media including website Quartz as saying they sold two-thirds of their shares at $17 each, to raise $24 million.
“The school’s investment in Snap — which this morning announced the completion of its IPO — has matured and given us a significant boost,” said the high school president, Simon Chiu, in the letter.
[graphiq id=”kpoP8Y3JGzX” title=”Snap Inc. Opening Day Trading Price” width=”600″ height=”459″ url=”https://w.graphiq.com/w/kpoP8Y3JGzX” link=”http://stock-screener.findthecompany.com” link_text=”FindTheCompany | Graphiq” ]MORE NEWS: Florida Lawmakers Meet For Property Insurance Special Session
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