Reddit, the self-anointed 'front page of the internet,' set to make its stock market debut
Reddit and its eclectic bazaar of online communities is ready to plumb high-stakes territory — the stock market
NEW YORK — Reddit and its eclectic bazaar of online communities is ready to plumb high-stakes territory — the stock market.
The company priced its IPO at $34 a share Wednesday and shares will begin trading Thursday on the New York Stock Exchange under the ticker symbol “RDDT.” The market debut is likely to spur a flurry of commentary on Reddit’s own platform, as well as competing social media outlets.
The IPO will test the quirky company’s ability to overcome a nearly 20-year history colored by uninterrupted losses, management turmoil and occasional user backlashes to build a sustainable business.
As expected for an IPO of this kind, the Reddit's market kickoff was delayed past the opening bell Thursday.
While trading had yet to begin by late morning, Reena Aggarwal, director of Georgetown University's Psaros Center for Financial Markets and Policy, said she expects Reddit to open high.
“The supply is pretty limited and there’s strong demand, so my sense is that this is going to be a hot IPO,” Aggarwal added. “The good news for Reddit is it’s a hot market.”
Still, she also anticipates Reddit's IPO to be volatile — and, if there is an initial “pop,” it's possible that some might sell their shares to reap their gains soon after, potentially causing prices to drift.
The interest surrounding Reddit stems largely from a large audience that religiously visits the service to discuss a potpourri of subjects that range from silly memes to existential worries, as well as get recommendations from like-minded people.
About 76 million users checked into one of Reddit’s roughly 100,000 communities in December, according to
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