Reddit will enter a new era as a publicly traded company with a market value of $6.4bn after the social media platform’s initial public offering was priced at $34 per share.
The price, announced late on Wednesday, came in at the top 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 the largest initial public offering by a social media company in years.
