What's happened
Reddit's IPO was priced at $34 per share, raising $748 million. On its first day of trading, shares soared 70%, valuing the company at $8.98 billion. Reddit's fully diluted valuation reached $9.5 billion.
Why it matters
Reddit's IPO success highlights investor confidence in the company's potential and sets a positive tone for future tech offerings. The soaring share prices indicate strong market demand and position Reddit as a significant player in the stock market.
What the papers say
The Guardian emphasizes Reddit's successful IPO, with shares opening 38% above the initial offer price. Al Jazeera focuses on Reddit's market debut, highlighting the company's value reaching close to $9 billion. The New York Times discusses Reddit's first-day trading performance, with shares rising 38% and the company's market capitalization reaching $8.98 billion.
How we got here
Reddit, founded in 2005, confidentially filed for an IPO in December 2021 but delayed due to market conditions. The company's successful IPO comes after a tumultuous 20-year history marked by losses and management changes. Reddit's popularity surged during the 'meme-stock' saga of 2021, attracting a large user base.
Common question
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