Reddit Sets IPO Price At $34 Per Share

Reddit will embark on a new journey as a publicly traded company with a market value of $6.4 billion after pricing its initial public offering at $34 per share, according to Michael Liedtke's report for the Associated Press (AP).

Reddit founder Alexis Ohanian I Photo: Anirudh Koul Flickr

The price, announced late Wednesday, landed at the top end of the target range set by Reddit’s investment bankers as they assessed investor demand for the stock over the past few weeks.

This sets the stage for Reddit’s shares to commence trading Thursday on the New York Stock Exchange under the ticker symbol “RDDT,” a debut likely to spark a flurry of commentary on Reddit’s own platform as well as competing social media outlets.

The interest surrounding Reddit largely stems from its large audience that avidly engages with the platform to discuss a wide range of subjects, from humorous memes to existential concerns, and to seek recommendations from like-minded individuals.

However, by tech industry standards, Reddit remains relatively small for a company founded in 2005.

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Meta Platforms, whose largest social media service Facebook was launched just 18 months before Reddit, boasts a market value of over $1.2 trillion and generates annual revenue of $135 billion, while Reddit’s revenue remains below $1 billion.

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