Snap‘s (NYSE: SNAP) first day as a publicly traded stock was a smashing success. After its IPO price was set at $17, the company’s shares rose by 44% on the day to close at $24.48 per share.

Snap’s stock market debut is the highest-profile, and most expensive, IPO so far this year; it well eclipses the previous No. 1, Invitation Homes, which came to market in January. And with its share pop, Snap has at one stroke reached a value close to that of many famous names on the exchange. Its closing price gives it a market capitalization of over $28 billion, comparable to companies such as Target and CBS.

Snap is the owner of Snapchat, a short video and image messaging service popular with young users. As per the long-standing tradition of tech IPOs, the company has posted explosive revenue growth, but remains deeply…