Reddit, the self-anointed the 'front page of the internet,' set to make its stock market debut
economictimes.indiatimes.comReddit and its eclectic bazaar of online communities is ready to plumb high-stakes territory — the stock market.
The company said Wednesday that it had priced its IPO at $34 a share. Shares will begin trading today on the New York Stock Exchange under the ticker symbol «RDDT» in a market debut likely to spur a flurry of commentary on Reddit's own platform, as well as competing social media outlets.
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Offering CollegeCourseWebsiteMITMIT Technology Leadership and InnovationVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitThe 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.
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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 the regulatory disclosures required before the San Francisco company goes public. Reddit set aside up to 1.76 million of 15.3 million shares being offered in the IPO for users of its service. Per the usual IPO custom, the remaining shares are expected to be bought primarily by mutual funds
