Reddit finally makes its debut on the New York Stock Exchange

Reddit shares will finally be traded on the New York Stock Exchange. The social network has priced its initial public offering (IPO) at $34 per share. This is the upper limit of the target range.

In total, the company is offering 22 million shares and raising $748 million. Of these, almost 15.28 million shares for $519.4 million are part of Reddit’s offer, and 6.72 million securities worth about $228.6 million are sold by the platform’s existing shareholders.

Today, on March 21, Reddit shares will start trading on the New York Stock Exchange under the ticker RDDT.

In February, Reddit Inc. filed a registration statement with the U.S. Securities and Exchange Commission reporting, which describes the company’s financial performance and business goals ahead of the IPO.

The document reveals that last year Reddit earned $804 million in revenue, the lion’s share of which came from advertising. However, the company is unprofitable – in 2023, it received a net loss of $90.8 million.