Reddit poised to make its stock market debut after IPO prices at $34 per share amid strong demand
Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion
SAN FRANCISCO (AP) — Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.
The price announced late Wednesday came in at the top end of the target range set by Reddit's investment bankers as they spent the past few weeks gauging investor demand for the stock. It sets the stage for Reddit's shares to begin trading Thursday on the New York Stock Exchange under the ticker symbol “RDDT” in a debut likely to spur a flurry of commentary on Reddit’s own platform, as well as competing social media outlets.
The interest surrounding Reddit stems largely from a large audience that religiously visits the service to discuss a potpourri of subjects that range from silly memes to existential worries, as well as to get recommendations from like-minded people.
By tech industry’s standards though, Reddit remains extraordinarily small for a company that has been around since 2005.
