Reddit has listed its shares on the New York Stock Exchange today with the stock price starting at $47 apiece. The company’s shares made a trading debut beyond the company’s expectations. The stock surged minutes after starting to trade making it a positive start to Reddit’s trading journey.
Reddit Shares Surge 38% After Trading Debut
Bloomberg reported that the social media business Reddit Inc. and its stockholders raised $748 million priced at the top of a marketed range, giving a strong signal that the window for US IPOs is reopening. As a result, Reddit Inc. shares surged 38% over their initial public offering price.
Why Was Reddit IPO Important?
Reddit’s IPO is the first for a social media business in the previous four years. When Pinterest filed for its IPO in 2019, it was the last social media platform to go public. The largest social media businesses are already having difficulty with a decline in ad revenue, which is lowering their market valuations. This will coinci
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