Snap Already More Valuable Than Twitter, Macy's, Other Household Names

Snap Inc (NYSE: SNAP)'s initial public offering, by all measures, was a success Thursday.

After pricing its IPO at $17 per share the stock opened for trading at $24 and by early Thursday afternoon traded as high as $25.42, which implies the company is worth just shy of $30 billion.

Even at its original valuation of $24 billion the company best known for its social media app is more valuable than many iconic and historic household names that have been around for decades.

According to Statista, Snap is now valued at a whopping 59 times its 2016 revenue, which is a lot for even a fast-growing tech company.

See Also: How The Biggest Tech IPOs Of The Decade Have Fared

Snap Vs. Forefathers

Here is Statista's list of companies whose valuation falls short of Snap's despite having a decades-long heads start:

• American Airlines Group Inc (NASDAQ: AAL) — $23.59 billion.
• Campbell Soup Company (NYSE: CPB) — $18.35 billion.
• Viacom, Inc. (NASDAQ: VIAB) — $17.13 billion.
• Best Buy Co Inc (NYSE: BBY) — $13.33 billion.
• Motorola Solutions Inc (NYSE: MSI) — $13.25 billion.
• Twitter Inc (NYSE: TWTR) — $11.29 billion.
• Harley-Davidson Inc (NYSE: HOG) — $10.70 billion.
• Macy's Inc (NYSE: M) — $10.03 billion.
• Xerox Corp (NYSE: XRX) — $7.37 billion.
• Ralph Lauren Corp (NYSE: RL) — $6.72 billion.

Image Credit: By Maurizio Pesce from Milan, Italia - Snapchat, CC BY 2.0,via Wikimedia Commons