Social messaging giant Snap Inc.’s (SNAP) shares were steadily edging toward their initial public offering (IPO) price before falling below the mark on Monday, closing down 1.1% at $16.99 per share. (See also: Snap May Soon Fall Below its IPO Price: Analysts.)

The social media app, popular among Millennials​ around the world, saw one of the most-anticipated IPOs of the past few years, hitting the public market in March at $17 per share and reflecting a market cap of more than $20 billion. The six-year-old company’s IPO was the largest on a U.S. exchange since that of Chinese internet giant Alibaba Group (BABA) in 2014.

Dip Not Unusual for Young Stocks

While on average, companies that have gone public between 2014 and 2016 have outperformed the S&P 500 in that calendar year, Snap’s investors are now looking at a loss. The dip shouldn't be too much of a shock considering that 45% of U.S.-listed companies that have gone public in 2017 have slipped below their IPO prices at some point, reports The Wall Street Journal. Facebook Inc. (FB), which has secured a higher-than-300% return since its public debut in 2012, fell below its $38 IPO price on its second day of trading and did not surpass that level until about one year later.

SNAP stock has shown little impact from the media company’s new features for advertisers and for users. The Venice, Calif.-based firm introduced a maps feature that allows users to see where their friends are and drop into popular events that the company pinpoints on the map. The maps features will give Snapchat the opportunity to sell location-based advertising. Users can now also add links to their picture and video messages and select objects in a photo to remove or highlight against pre-programmed backgrounds. (See also: Is Snapchat Sabotaging Its New Revenue Model?)

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