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Reddit poised to make its stock market debut after IPO prices at $34 per share amid strong demand

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SAN FRANCISCO (AP) — Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.

SAN FRANCISCO — Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.

The interest surrounding Reddit stems largely from a large audience that religiously visits the service to discuss a potpourri of subjects that range from silly memes to existential worries, as well as to get recommendations from like-minded people. Meta Platforms — whose biggest social media service Facebook was started just 18 months earlier than Reddit —- boasts a market value of more than $1.2 trillion. Meta also generates annual revenue of $135 billion, while Reddit’s remains below $1 billion.

In the documents filed for its revived IPO, Reddit attributed the losses to a fairly recent focus on finding new ways to boost revenue.

 

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