Social media company Reddit surges after NYSE debut

NEW YORK — Shares of social media company Reddit soared nearly 50 percent on the New York Stock Exchange Thursday in a buoyant market debut that raised hopes about the IPO market.

The company, which trades under the ticker RDDT, finished at $50.44, up 48.4 percent from its initial public offering price, lifting the valuation to around $8 billion.

The hot trading debut came after the company's IPO priced at the upper end of the range, raising a bit more than $500 million.