WALLSTREETBETS LINGO
Reddit shares end trading up 48% in market debut
While Reddit still relies on advertising for the vast majority of its revenue, it touted AI in its IPO marketing roadshow as an area of growth. It also disclosed last week that the U.S. Federal Trade Commission is looking into its AI data licensing deals.
Reddit shares open 38% above IPO price
The San Francisco, California-based company priced its IPO at the top end of the $31 to $34 range. The IPO valued Reddit at $6.4 billion, while the company and its selling shareholders raised $748 million.
Reddit set for hotly anticipated debut after pricing IPO at top of range
Social media platform Reddit geared up for its high-profile market debut on the New York Stock Exchange on Thursday, in a test of investor appetite for companies looking to go public this year.
Reddit targets up to $6.4 billion valuation in much-awaited US IPO
The IPO, a major litmus test for investors' appetite for new listings, will come more than two years after the company began preparations to go public. So far this year, the IPO market recovery has been uneven.
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