Reddit enters a new era as a publicly traded company with a market value of $6.4 billion after the platform's initial public offering (IPO), the largest by a social media company in years, was valued at $34 per share.
The price, announced on Wednesday evening, was positioned above the target range set by Reddit investment bankers.
This sets the stage for Reddit shares to begin trading on Wall Street today under the symbol Rddt.
The company's latest valuation of $6.4 billion is down from 2021, when it was valued at $10 billion during a private financing round.
But the Reddit IPO was oversubscribed four to five times before debuting, a positive sign that it will reach its desired valuation.
Its largest shareholder is Advance Publications, the parent company of CondéNast, which owns popular magazines such as the New Yorker, Vogue and Wired.
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