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July 10 (Reuters) - Snap Inc shares fell below their initial public offering price of $17 per share on Monday for the first time, highlighting a lack of confidence in the social media company, which faces fierce competition.
The stock fell as low as $16.95 before closing at $16.99 on New York stock Exchange. Snap was the hottest U.S. technology listing in years when it went public in March.
Snapchat is popular among people under 30 who enjoy applying bunny faces and vomiting rainbows onto their pictures. But many on Wall Street are critical of its high valuation and slowing user growth. Snap has warned it may never become profitable.
Reporting By Sinead Carew; Editing by Steve Orlofsky