They each landed a 17% stake worth $4bn (£3.26bn) based on the offer price in the share sale.
Founded by a college dropout Evan Spiegel, Snap Inc's IPO is one of the highest-profile stock debuts in recent years along with Chinese e-commerce company Alibaba (that raised almost $22 billion in 2014) and social media giant Facebook (which raised $16 billion in 2012).
Snapchat, which became wildly popular with young smartphone users keen to share messages that don't linger, is seen by some in the social media world as a winning bet like Facebook, and by others as a lackluster performer like Twitter.
At $24 billion, Snap is still considerably less valuable than the $104 billion Facebook was valued at when it went public in 2012, but more than twice Twitter's current $11 billion valuation. Thursday also marked Snap Inc.'s first day as a publicly traded company.More news: Top Cop Says Duterte's Murderous Drug War Is 'Pro
Snap's IPO order book was more than 10 times oversubscribed and could have allowed the company to price its shares at as much as $19 a share.
Despite the stellar first-day performance though, some analysts expressed concern around the early surge, questioning the sustainability of Snap's performance in the long run.
It priced 200 million shares at 17, above the high end of its estimated range and the largest US -listed IPO since Facebook came public in 2012 and Alibaba in September 2014. According to the latest SEC filing at the end of February, Spiegel and Murphy plan to sell 16 million shares each on Thursday, a small fraction of the number of shares the co-founders have in Snap, but it's still enough to make them incredibly rich.
What's more, Snap shares carry no voting rights, so if investors don't like the management they can't vote them out. He tweeted out a screenshot of an email that Snapchat co-founder Bobby Murphy sent him five years ago, and he noted that he ignored it. James Gellert, chief executive of the analysis firm Rapid Ratings, expects Snap will crackle with a post-IPO pop, thanks to tech-focused investors hungry to get their hands on something new. After all, Snap's shareholders will still retain one lever of control: "Investors can vote with their feet", Feldman says.