SnapChat IPO-ed on March 1st at $17 per share. Many media said that its price skyrocketed by 49.24% on the first day to $24.48. I’d say it didn’t actually “skyrocket” – news reports are often misleading on IPOs. That big-looking 49.24% number is just based on the $17 number that Snapchat and the investment banks set themselves, and that’s only the price that the underwriters got, and it’s only on 14% of the shares. You can see below that all the sales on the market have been between $24 and $26.
Companies often attempt to make their IPOs look good. They want an appearance of huge demand and high value. It can be tricky for them to guess what investors will pay, but they try to set the offering price below market value intentionally.