21 March 2024 – Reddit is gearing up for its stock market debut after its initial public offering (IPO) was priced at $34 per share, valuing the social media platform at $6.4 billion. The IPO, which came at the top end of the target range set by Reddit’s investment bankers, is expected to generate significant interest as Reddit prepares to trade on the New York Stock Exchange under the ticker symbol “RDDT.”
Despite its large and dedicated user base, Reddit remains relatively small compared to tech giants like Meta Platforms. However, with the IPO proceeds, Reddit aims to bolster its revenue streams and expand its influence in the social media landscape.
The IPO raised approximately $519 million for Reddit, with additional shares potentially bringing in an extra $112 million. A portion of the shares was reserved for Reddit users, underscoring the company’s commitment to its community.