Reddit officially went public under the name “RDDT” on the New York Stock Exchange this evening. The share price increased by up to 70% in a short time.
Among the most popular social media platforms reddit The awaited day has arrived. The public offering, which the company has been preparing for years, officially took place today. Reddit said, “RDDT” started to be listed on the New York Stock Exchange (NYSE) today at around 20.15 GMT.
The listing of 19-year-old Reddit was one of the most anticipated IPOs of 2024. For this reason, we did not see any surprising results as soon as it was opened. The company’s shares took off as soon as it went public and made serious money for investors.
Reddit’s stock increased by nearly 70%
Reddit had announced that the purchase price for share lots would be $34, which is the upper end of the $31-34 range. The company also experienced a huge increase as soon as it was listed on the New York Stock Exchange. So much so that the share price opened at $47, up to $57.80 reached. This is a 69% increase compared to the $34 price.
This huge increase, following the intense interest, naturally caused a huge increase in the market value of the company. The company opened with a market value of $6.4 billion. With the increase in value, to $10.9 billion rose up.
Reddit shares subsequently fell. The share price is trading at $50.97 at the time of writing.
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Source :
https://www.cnbc.com/2024/03/21/reddit-ipo-rddt-starts-trading-on-nyse.html