Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion. The social media platform’s initial public offering was priced at $34 per share Wednesday. The price came in at the top end of the target range set by Reddit’s investment bankers as they spent the past few weeks gauging investor demand for the stock. It sets the stage for Reddit’s shares to begin trading Thursday on the New York Stock Exchange under the ticker symbol “RDDT” in a debut likely to spur a flurry of commentary on Reddit’s own platform, as well as competing social media outlets.
