Reddit has priced its shares at the top of a marketed range, valuing the social media platform at $6.4bn (£5bn). It has raised $748m as it sells 22 million shares for $34 each, making it one of the biggest initial public offerings (IPO) by a social media firm. The shares will start trading on the New York stock exchange on Thursday. In an unusual move the company offered some of the shares to the platform’s users, although it has not been disclosed how many took up the offer.
- Reddit shares soared in their stock-market debut Thursday. The company’s shares closed at $50.44 on their first day of trading on the New York Stock Exchange, up 48% from their offer price – Wall Street Journal
BREAKING: Reddit stock, $RDDT, is officially public and trading 57% above its IPO price. pic.twitter.com/x2zq0V0MLR
— The Kobeissi Letter (@KobeissiLetter) March 21, 2024
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