Reddit priced its shares at $34, in the first social media IPO in years
The pricing for the stock offering values Reddit at $6.4 billion. It's the first social media IPO since Pinterest went public in 2019
Reddit priced its initial public offering at $34 per share Wednesday evening, valuing the company at $6.4 billion.
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The outcome was in line with expectations, as unnamed sources told Reuters and Bloomberg earlier in the day that the company would set the platform’s share price at the top of its indicated range, which was $31 to $34.
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Reddit’s highly anticipated IPO has been in the works for years, with the company hiring a CFO in preparation to go public in 2021. But the platform faced hurdles as hackers breached its network in February 2023, and later that year, Redditors protested new API pricing. Reddit’s value of $6.4 billion is still a lot less than its previous valuation of $10 billion in 2021.
Reddit begins trading Thursday on the New York Stock Exchange.
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