7 months ago
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Social media site Reddit’s shares have closed 48 per cent higher on the company’s first day of trading on the New York Stock Exchange.
On Wednesday, Reddit revealed that it had priced its shares at US $34 each, near the top of a marketed range.
By the close of trade on Thursday its shares stood at US $50.44, valuing the firm at more than US $9 billion.
It was one of the biggest ever initial public offerings, IPO, by a social media platform.
It put 22 million of its shares up for sale and, in an unusual move, offered some of the shares to the platform’s users, although it has not been disclosed how many took up the offer.
Reddit was founded almost 20 years ago and has become one of the most popular websites in the world.
It is an online forum where users can discuss topics that interest them. As of the end of December 2023 it had more than 73 million users, according to the company.
English (US) ·