Snapchat's parent company, Snap Inc., priced its initial public offering on Wednesday at $17 per share, higher than the $14-$16 per share range initially suggested weeks ago.

Snap said it will sell 200 million shares of Class A common stock for a total offering of $3.4 billion. The deal also features a 30-day underwriters' option for another 30 million shares.

Snap will be begin trading Thursday at the New York Stock Exchange, where it will debut under the ticker symbol SNAP.

Loup Ventures' Doug Clinton told TheStreet that the offering reflected solid buy-side demand. At the same time, Clinton said, the offering reminds him of Facebook's (FB - Get Report) , which was priced cautiously and did not initially lead to immediate price volatility.

"I think Snapchat's bankers took a play from their playbook," Clinton said.

At the IPO price, Snap has a valuation of $19.7 billion based on the shares outstanding as of the IPO. But the expected vesting of stock options and restricted stock units (RSUs) adds billions more to the valuation.

The IPO marks Snap as the largest U.S.-listed technology offering since the Chinese e-commerce company Alibaba Group Holding Ltd. (BABA - Get Report) went public at a $168 billion valuation in 2014.

Analysts, investors, and bankers have long speculated how much Snap could be valued at, often comparing its debut to that of rivals Facebook and Twitter (TWTR - Get Report) . Facebook went public in 2012 at a valuation of $104 billion, while Twitter debuted the following year at $24 billion.

E*TRADE vice president of investment strategy Mike Loewengart said investors should not get caught up in wild buying and selling.

"With the excitement of the Snap IPO heating to a boil, investors are wise to let the hype cool once it hits the public markets," Loewengart told TheStreet.

"While highly anticipated IPOs of this magnitude may be tempting to jump in immediately, historically many IPOs -- particularly social media companies -- often need time and room to acclimate to the rigors of being a public company," Loewengart said. "For long-term investors, this opportunity is not vanishing in 10 seconds, so it may be in their best interest to wait and see."

Morgan Stanley, Goldman, Sachs & Co., J.P. Morgan, Deutsche Bank Securities, Barclays, Credit Suisse and Allen & Company LLC are the book-running managers.