Reddit: Social media firm’s shares jump in stock market debut
Shares of social media platform Reddit surged by 48% as they closed higher on the company’s first day of trading on the New York Stock Exchange.
Reddit said on Wednesday that it had priced its shares at $34 each, a figure near the top end of the marketed range. By the end of Thursday’s trading session, the stock had climbed to $50.44, thereby valuing the firm at over $9 billion (£7.1 billion).
This marked one of the largest initial public offerings (IPOs) ever seen for a social media platform. Reddit offered 22 million shares for sale, and notably, some of these shares were made available to users of the platform. However, the exact number of users who participated in this offering remains undisclosed.
Established nearly two decades ago, Reddit has evolved into one of the world’s most popular websites. It serves as an online forum where users can engage in discussions on various topics of interest. As of December 2023, the platform boasted more than 73 million users, according to company data.
