Reddit's IPO Surges 48% on First Day of Trading, Fueled by AI Strategy
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Social media company Reddit made its highly anticipated public debut on the New York Stock Exchange on Thursday under the ticker symbol RDDT. The platform priced its shares at $34, valuing the company at $6.4 billion. However, shares in Reddit opened at $47 each, 38% above the IPO price, reflecting strong investor demand and enthusiasm for the company. The IPO raised $748 million for Reddit and its selling shareholders .
Reddit shares surged as much as 70% above their offering price on the social media platform’s first day of trading on Thursday. The stock debuted on the New York Stock Exchange at $47 per share, above its IPO price of $34. It added about 60% to trade above $53 within minutes of its debut and then gained as much as 70% more than its IPO price at about $58. By mid-afternoon...
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