Social media company Reddit rides high in IPO
The Peninsula
New York: The Reddit social network said Wednesday it had priced at the top of its expected range ahead of going public on the New York Stock Exchange...
New York: The Reddit social network said Wednesday it had priced at the top of its expected range ahead of going public on the New York Stock Exchange, in a sign of enthusiasm by investors.
Reddit, set to debut Thursday under the ticker "RDDT", will be made public at $34 dollars a share, the company said in a statement, which would value the platform at around $6.4 billion.
The entry of Reddit comes as the tech sector is seeing a big slowdown in IPOs since the US Federal Reserve started hiking interest rates.
With easy financing scarce, Silicon Valley is seeing a dearth of companies ready to make the big leap to go public, with Pinterest being the last social media company to do so in 2019.
San Francisco-based Reddit first filed for its IPO in 2021 when the market was hot thanks to a Covid-linked growth boom for tech, but the attempt stalled as the internet economy cooled.
