Reddit Prices IPO At $34 Per Share, the Top of the Range

An anonymous reader writes: Reddit priced its stock on Wednesday at $34 a share, the top of the anticipated range, a signal that investors are excited about the company's IPO on Thursday. The social media giant raised nearly $500 million in the offering. Excluding employee stock options, the 19-year old company's valuation will start at $5.4 billion, a far cry from its last private market value of $10 billion, set in August 2021, the top of the last tech markets boom. The stock, which is the most anticipated offering of the year so far, will debut on New York Stock Exchange on Thursday with the ticker symbol 'RDDT.'

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