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Another company called Snap spiked 164% because investors thought it was Snapchat
Lucas Jackson/Reuters Pictures
Snap Inc. CEO Evan Spiegel.
Investors likely wanting a piece of Snap Inc.’s impending IPO sent shares of another company called Snap Interactive up as much as 164%, as first noted by Bloomberg.
Snap Inc. is the parent company of Snapchat and is seeking to raise $3 billion when it goes public at a possible $25 billion valuation in March. Snap Interactive is a lesser known video chat and online dating service provider.
When Snap does eventually float its shares in the coming weeks, it will be under the ticker “SNAP” on the New York Stock Exchange. Snap Interactive trades as “STVI.”
This isn’t the first time that eager investors have rushed to invest in what they thought was a hot IPO. Before Twitter’s IPO, a company called Tweeter Home Entertainment (with the ticker “TWTRQ”) surged as much as 1,500%.
Here’s a handy chart from Yahoo Finance that shows STVI’s meteoric rise after Snap Inc. filed its IPO paperwork with the SEC:
Yahoo Finance / Business Insider
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