Snap Sold Extra Shares In IPO For Total Tally Of $3.91 Billion

Snap Inc. announced Tuesday that its underwriting banks had sold 30 million additional shares available in its initial public offering, pushing the total take to $3.91 billion. Snapchat's parent company last week sold 200 million shares at $17 apiece in the largest U.S. IPO since 2014 , with shares soaring in the first two days of public trading before heading back down in the last two sessions. The company announced Tuesday afternoon that the underwriters had sold an additional 30 million shares, known as a "green shoe" or "overallotment," with those shares coming from both the company and selling stockholders. The stock reached its lowest prices in four days of trading Tuesday before closing with a 9.8% decline at $21.44; shares ticked up slightly in late trading to about $21.55.