News in Brief

Snap IPO Yields Millions for Private Calif. High School

Article Tools
  • PrintPrinter-Friendly
  • EmailEmail Article
  • ReprintReprints
  • CommentsComments

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.

The board of the Saint Francis high school in Mountain View 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 44 percent higher when trading began last week.

The school was quoted by media including the 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.

Vol. 36, Issue 24, Page 4

Published in Print: March 8, 2017, as Snap IPO Yields Millions for Private Calif. High School
Related Stories
Notice: We recently upgraded our comments. (Learn more here.) If you are logged in as a subscriber or registered user and already have a Display Name on edweek.org, you can post comments. If you do not already have a Display Name, please create one here.
Ground Rules for Posting
We encourage lively debate, but please be respectful of others. Profanity and personal attacks are prohibited. By commenting, you are agreeing to abide by our user agreement.
All comments are public.

Back to Top Back to Top

Most Popular Stories

Viewed

Emailed

Recommended

Commented