How much is Snap worth in IPO? It depends

How much is Snap Inc. worth in its initial public offering? It depends on how you calculate it.

The Snapchat parent company priced its first batch of shares at $17 on Wednesday night, and is expected to start trading Thursday morning on the New York Stock Exchange under the ticker symbol SNAP. News outlets are reporting differing numbers on the market capitalization, or valuation, Snap received in the IPO, however, with some outlets reporting slightly less than $20 billion and others reporting roughly $24 billion.

See also: Six things to know about Snap as it goes public

The difference largely comes down to what shares investors count as part of the overall market cap, which measures the total value of all shares in circulation.

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