Social media company Reddit surges after NYSE debut
Reddit is siloed into about 100,000 subject-focused chatrooms known as subreddits, making it more specialized and a place where posts are less prone to going viral
March 21, 2024
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.
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