California school makes $24 million in Snapchat IPO

A private Catholic high school in California made $24 million this week from the initial public offering (IPO) of Snap, Inc., the company behind the Snapchat app. St. Francis High School agreed to invest $15,000 in seed money in Snap in 2012 based on the recommendation of a parent and venture capitalist. The Silicon Valley school held the investment until this week, when Snap shares sold for $17 each in an IPO. The school reportedly sold two-thirds of its shares to raise $24 million, which it plans to use for financial aid, professional development, teacher training, and funding of school programs, according to school president Simon Chiu. Based on the $29 per share price posted today, the school’s remaining 600,000 shares are worth roughly $17 million.

The Associated Press contributed to this report.