Snapchat surged 44 percent Thursday, closing at $24.48, which valued the social media company’s market cap around $28.3 billion, according to The Wall Street Journal. Snap was priced at $17 per share late Wednesday night, above expectations of $14-$16 a share, but few mom and pop investors had a chance to buy the hot tech stock at that price. “Reports indicated that a very large portion of the Snap IPO shares were allocated to institutional investors, both mutual funds and hedge funds," Jay Ritter, professor of finance at the University of Florida, told FOX Business. "Furthermore, 14 million shares were sold to ‘friends and family’ with the company, rather than the underwriters deciding who would be allowed to buy these shares."

http://www.foxbusiness.com/markets/2017/03/03/snapchat-ipo-wall-street-cashes-in-average-investors-left-out.html