High School Makes $24 Million from Snap IPO
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 another 44 percent higher when trading began Thursday.
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.