Reddit prices IPO at $34 per share in first major social media offering since 2019

Investors are closely monitoring Reddit's debut following an IPO dry spell.Mateusz Slodkowski | Sopa Images | Lightrocket | Getty Images

Reddit, the 19-year-old website that hosts millions of online forums, priced its IPO on Wednesday at $34 a share, the top of the expected range., and values the company at close to $6.5 billion. Reddit had planned to price the deal at $31 to $34 a share. Reddit's public market debut on Thursday, under ticker symbol "RDDT," will be the first for a major social media company sinceThe company is taking a haircut from its private market valuation of $10 billion in 2021 at the peak of the tech boom. Soaring inflation and rising interest rates pushed investors out of risky assets in 2022, eventually forcing startups to downsize, slash their valuations and focus on profit over growth.Revenue increased 20% last year to $804 from $666.

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