Reddit Prices Shares at Top IPO Range in Large Debut

Reddit, a San Francisco-based company, raised $748 million through an initial public offering (IPO). The IPO included the sale of 22 million shares. In 2023, Reddit reported a loss of $91 million on sales of $800 million, which represented an improvement compared to the previous year. With this IPO, Reddit entered the public market with a market value of $6.4 billion. The price for the stock was set at the top end of the target range established by investment bankers during their assessment of investor demand. Reddit's shares will begin trading on the New York Stock Exchange under the ticker symbol RDDT.