UPDATED: Investors rallied around Reddit‘s initial public offering Thursday, driving up the discussion-forum company’s stock price as much as 70% in its market debut. Through the IPO — expected to be among the biggest tech stock offerings of the year — Reddit raised $519 million and created a windfall for existing shareholders, including Condé Nast parent company Advance Publications and OpenAI CEO Sam Altman.
Reddit shares began trading on the New York Stock Exchange at about 1:15 p.m. ET on Thursday (March 21) under the ticker symbol “RDDT.” The initial offering price was $34 per share, valuing Reddit at $6.4 billion (less than its prior $10 billion private valuation).
→ Continue reading at Variety
