So long as it avoids key stumbling blocks, Reddit is poised for positive growth post-IPO, media and investing experts say.
On Thursday, 19 years after its launch, social platform Reddit went public.
Its highly-anticipated public offering was initially priced at $34 per share, but began trading Thursday afternoon at $47 per share under the ticker symbol (NYSE: RDDT). Prices continued to climb, reaching a high of $57.80 a share, and closing at $50.44.
Reddit ended its first trading day up 48%, propelling its market cap to over $9bn.
Reddit’s NYSE debut represents the first social media IPO since Pinterest went public in 2019.
Source: The Drum
Industry News
