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Reddit shares close 30% up following social media company's IPO

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Reddit shares were up about 30% to $59.80 at the market’s close on Monday.

Reddit's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company logged about $519 million.

Plexo Capital founding managing partner and Reddit shareholder Lo Toney told CNBC that Reddit's IPO was"a positive sign not only for Reddit, but I think also the tech industry and what it might mean for future IPOs."Reddit shares soared 48% when it began trading on the New York Stock Exchange under the stock ticker"RDDT," resulting in a number of moderators and users, known as Redditors,.

Mega Millions jackpot is up to $1.1 billion—what billionaire Mark Cuban says you should do if you win Still, Toney said that there are other"dynamics that need to happen," including a few more companies entering the public market before it's safe to say that the IPO floodgates have opened. Toney noted that some startups have raised a lot of money so they may not be in any hurry to go public and raise more cash.

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Reddit shares close 30% up following social media company's IPOReddit shares were up about 30% to $59.80 at the market's close on Monday.
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