High School Makes $24 Million After SNAP Goes Public

Ink Drop / Shutterstock.com

A high school in California has made over $20 million dollars from the Snap initial public offering, the company behind Snapchat video sharing app.

The board of the Saint Francis High School in Mountain view invested $15,000 to Snap five years ago when the app was just getting started.

The school was invited to invest by one of the student’s parents, a venture capital investor, the school’s president explained in a letter issued to the school community on Thursday.

After Snap shares sold for $17 each in an IPO and rose 44% higher on Thursday afternoon, the school made millions off of their initial investment.

The website Quartz saying the company sold two-thirds of its shares at $17 each, to raise $24 million.

Snapchat Spectacles
NEW YORK CITY, NY- December 21, 2016: Snapchat’s Snap Inc. Fifth Avenue pop-up store sells Spectacles at Bot vending.

“The school’s investment in Snap — which this morning announced the completion of its IPO — has matured and given us a significant boost,” Simon Chiu, the school’s president said in a letter.

On Friday, shares of SNAP rose higher on Friday rising another 14% in mid-afternoon trading. According to a report by CNBC, NBCUniversal invested $500 million in SNAP. The investment comes as NBCUniversal continues to invest into digital media. NBC has previously invested in several millennial based digital media companies including Hulu, BuzzFeed, Vox and Rotten Tomatoes.