The social media platform Reddit held an initial public offering and the shares were placed at the upper end of the price range: $34 per share. The amount of funds raised amounted to $748 million, The New York Times reports.
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The entire company received a valuation of $6.4 billion, down from the $10 billion valuation Reddit received in its 2021 private round.
As part of the placement, Reddit also distributed part of the shares to volunteer moderators. If they wish, they can sell the securities immediately.
The company’s shares will begin trading on the New York Stock Exchange (NYSE) on March 21, 2024 under the symbol RDDT.
At the end of 2023, the company increased its revenue by 20% to $804 million, and the net loss decreased from $158.6 million to $90.8 million.
Reddit’s plans to go public became known in 2021, but the IPO was repeatedly postponed.
Author:
Anastasia Marina
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
