Trading kicked off at $47 per share and shot up to $57.80, a 70% spike, during the day. The company and its shareholders raised an estimated $750m, with Reddit pocketing approximately $519m. Its current market cap sits at $9.5bn. The success of the IPO at this price appears to back up the company’s decision to…
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Reddit, a news aggregation site and forum network with over 73 million users, has never made a profit to date, but is regarded as one of the world’s biggest and most widely read websites. It has now revealed that its IPO will involve 22 million shares that will be sold for between $31 and $34…
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In going public, this social media platform will join listed competitors such as Meta Platforms Inc (META), Pinterest Inc (PINS), Spotify Technology SA (SPOT), and Snap Inc (SNAP). Reddit has reportedly considered launching its IPO for the past three years. Should this listing be realised, it would be the first since 2019, when Pinterest stepped…
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