Reddit priced its initial public offering at $34 a share, which is on the high end of its targeted range and gives the company a value of about $6.4 billion, multiple outlets reported Wednesday afternoon.
Reddit is set to start trading on the New York Stock Exchange on Thursday under the ticker “RDDT.”
The valuation of $6.4 billion is lower than the $10 billion Reddit was valued at after a round of funding in 2021, according to the company—though setting the price at the high end of its range is perceived as a positive sign.
Reddit is set to debut Thursday on the New York Stock Exchange under the ticker “RDDT” and the company said in a filing Tuesday it would offer 22 million shares of its Class A common stock at an expected IPO price per share between $31 and $34.
The price of the IPO will benefit Reddit’s largest shareholders, including co-founder Steve Huffman—who has a 33% stake in the company, according to the New York Times—Conde Nast’s parent company Advance Magazine Publishers and Tencent Cloud Europe, according to Reddit’s Tuesday filing.
$748 million. That’s how much Reddit raised selling its 22 million shares at $34 per share, two people with knowledge of the matter told the New York Times.