Reddit's IPO Surges 70% on NYSE Debut, Valuing Company at Nearly $10.9 Billion

The social media giant's shares soared in their market debut, raising $750 million and marking a significant return for early investors.

Reddit's IPO was priced at $34 a share, valuing the company at around $6.5 billion, significantly lower than its private market valuation of $10 billion in 2021.
Shares opened at $47 and surged as much as 70% on their debut, reaching a high of $57.80.
The IPO raised approximately $750 million, with Reddit collecting about $519 million from the offering.
Major shareholders, including Condé Nast parent company Advance Publications and OpenAI CEO Sam Altman, saw significant returns.
Reddit's future growth strategies include expanding its user base internationally and monetizing its platform through AI data-licensing deals.