Reddit prices IPO at $34 a share
The company will offer 22 million shares of Class A common stock at $34 per share, valuing Reddit at an estimated $6.4 billion, but Reddit shares jumped as much as 60% in their debut.
Reddit (RDDT) yesterday announced the final pricing for its Initial Public Offering (IPO). The company offered 22 million shares of Class A common stock at $34 per share, valuing Reddit at an estimated $6.4 billion, but today Reddit shares jumped as much as 60% in their debut.
Reddit joins a short list of major social media companies to enter the public market, following Pinterest's IPO in 2019.
IPO Details
- Offering size: 22 million shares of Class A common stock
- Pricing: $34 per share
- Expected trading start date: March 21, 2024, on the New York Stock Exchange
- Ticker symbol: RDDT
Reddit describes itself as a "community of communities" where users engage in conversations across over 100,000 active forums or "subreddits." These subreddits encompass an enormous range of topics and interests. Reddit boasts approximately 73 million daily active users, positioning the platform as a major force in online discourse.