Snapchat parent company Snap Inc. just raised $3.4 billion in the tech industry's largest initial public offering in over two years.

With one share priced at $17, the Snapchat app's parent company Snap now has a market valuation of approximately $24 billion.

The company had expected a valuation of between $19.5-22.3 billion. Its valuation is double the size of Twitter and the highest valuation in a US tech IPO since Facebook in 2012.

In the company's roadshow materials, Snap said its biggest revenue opportunity is the growing budget for worldwide mobile advertising, which could reach $196 billion by 2020 from $66 billion currently.

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