It wasn't just Evan Spiegel who got rich in Snap Inc.'s IPO yesterday.
A California high school has made millions of dollars from the initial public offering of shares in Snap Inc.,Watch Fast & Furious 7 Online the company behind Snapchat.
The board of the Saint Francis high school in Mountain View agreed to invest $15,000 in seed money in Snap in 2012, when the company was just getting started.
They had been invited to do so by one of the student's parents, a venture capital investor with Lightspeed Venture Partners, the high school president said in a letter issued to the school community Thursday.
"We didn't have real high expectations," the school's former president, Kevin Makley, told CNNTech. "We collectively decided that this was going to be a ... small investment. So we'll take a shot at it."
The school held onto the investment until this week, when Snap shares sold for $17 each in an IPO. The share price rocketed another 44 percent higher when trading began Thursday.
The school was quoted by media as saying they sold two-thirds of their shares at $17 each, to raise $24 million. The school will use the money for its strategic plan to recruit faculty and "make Catholic education more affordable and accessible."
"The school's investment in Snap - which this morning announced the completion of its IPO - has matured and given us a significant boost," said the high school president, Simon Chiu, in the letter.
The Associated Press contributed reporting.
Topics Snapchat
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