Launched in 2011, Snapchat now has 158 million daily users. Such a device would presumably enable users to take aerial photos and videos, and then share that content via the Snapchat app.
The shares were set to begin trading Thursday under the symbol SNAP on the New York Stock Exchange.
Buyers of Snap shares are betting that the company's appeal to millennials - and its focus on services for smartphone cameras - will enable it to lure users from Facebook and ad dollars from television.
When Lightspeed invested $500,000 in the app's first seed round, $485,000 came from Lightspeed and $15,000 came from the school's growth fund. Facebook is now valued at $395 billion. Although anyone looking to pick up shares at the IPO may be encouraged to read that analysts at eMarketer predict Snapchat will generate almost $1 billion in ad revenue this year, up from $366 million in 2016.
Mountain View-based Saint Francis High School could win big after Snap Inc.'s shares soar in IPO's first-day trading.
Snapchat first grabbed the public's attention in 2011 by enabling sexting teenagers with disappearing texts and pictures, limiting the chance that nude pics could travel around the internet.
Blizzard details Hearthstone "Journey to Un'Goro" with new cards and mechanics
These cards always appear in your opening hand and will be offering a set of prerequisites to complete over the course of a game. The single player campaign has you venture into this region completing challenges in hopes of unlocking powerful and rare cards.
At $24 billion, Snap is still considerably less valuable than the $104 billion Facebook was valued at when it went public in 2012, but more than twice Twitter's current $11 billion valuation. It faces intense competition from larger rivals, such as Facebook Inc, as well as decelerating user growth.
It's incredibly risky to bet on an ad-supported company that lost $514.3 million past year on revenues of $404.5 million.
Snap co-founders Evan Spiegel and Bobby Murphy rang the opening bell at the New York Stock Exchange, which Snap is listed on.
Some of this is due to competitors like Facebook. Those are worth $72 million at $24 per share. Dozens of other Snap investors could become overnight millionaires. Investors will have to be comfortable with the decisions those two make as Snap because they won't get any voting power along with shares they buy in the IPO.
The selling points: Snap's buzzy messaging app is popular with a demographic coveted by advertisers, smartphone-toting teens and young adults.