Reddit Soars 50% in IPO Debut
Reddit Inc. shares soared 48% above their initial public offering price, as investors embraced the social media company’s vision of profiting from the growth of artificial intelligence.
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Reddit Soars 50% in IPO Debut
Reddit Inc. shares soared 50% above their initial public offering price, as investors embraced the social media company’s vision of profiting from the growth of AI, via Bloomberg.#RedditIPO #socialmedia #AI https://t.co/VOZhP0XMBR— The_Journalbiz (@the_journalbiz) March 22, 2024
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The San Francisco-based company’s stock closed at $50.44 each on Thursday in New York, a day after the company and some of its shareholders raised $748 million in an offering priced at the top of a marketed range.
Reddit’s IPO is the fourth largest on a US exchange in 2024, as the market for first-time share sales continues to rebound after two of the slowest years in a decade. The successful listing is set to fire the starting gun for tech companies whose offering plans have been on hold.
Reddit’s more than two-year slog to listing reflects the ups and downs of the market, beginning with its initial confidential filing in 2021, when IPOs on US exchanges set an all-time record of $339 billion, according to data compiled by Bloomberg. IPOs in the US have tumbled since then, reaching only $26 billion last year, the data show.
