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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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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 price announced late Wednesday came in at the top end of the target range set by Reddit's investment bankers as they spent the past few weeks gauging investor demand for the stock.

And then there is this problem: Reddit has never profited from its broad reach, while piling up cumulative losses of $717 million. That number has swollen from cumulative losses of $467 million in December 2021, when the company first filed papers to go public before aborting that attempt. 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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