“A California high school has made millions of dollars from the initial public offering of shares in Snap Inc., the company behind the Snapchat photo messaging application,” Ashley Coleman reports for The Daily Mail.

“The board of the Saint Francis high school in Mountain View agreed to invest $15,000 in seed money in Snap Inc. in 2012, when the company was just getting started,” Coleman reports. “They had been invited to do so by one of the student’s parents, a venture capital investor, the high school president says in a letter issued to the school community Thursday. Barry Eggers, the parent who organized the deal, said the payoff was unprecedented for a school like Saint Francis. ‘I don’t think there have been any other high schools that have invested so early in a company such as Snap,’ he told Quartz.”

“The private Roman Catholic school held onto the investment until this week, when Snap shares sold for $17 each in an IPO. The share price rocketed another 44 per cent higher when trading began Thursday,” Coleman reports. “The school says they sold two-thirds of their 2.1 million Class A shares at $17 each, to raise $24 million. The remaining 700,000 shares that they held onto are now worth more than $17 million, after the stock closed at $24.48 a share on Thursday.”

Read more in the full article here.

“Saint Francis High School [is] a private Roman Catholic school in Mountain View, California,” Alison Griswold reports for Quartz. “The money will be used ‘accelerate’ the school’s pursuit of goals outlined by its ‘strategic plan,’ which include launching a comprehensive STEM program, expanding funding for financial aid, and providing additional training to faculty and staff.”

“Saint Francis established its growth fund in 1990 as a way of generating additional revenue for the school,” Griswold reports. “In 1996, the fund returned $2.1 million on a $25,000 investment in Advanced Fibre Communications, a telecom services company, according to the school’s website.”

Read more in the full article here.

MacDailyNews Take: Congrats to Saint Francis High School and their students!

[Thanks to MacDailyNews Reader “Lynn Weiler” for the heads up.]