Reddit: eagerly awaited first steps on the stock market
March 21, 2024 at 12:22 pm EDT
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Investors were eagerly awaiting the initial listing of Reddit shares on Thursday, in the hope that the social media company's first steps on the stock market would maintain the bullish momentum enjoyed by the technology sector since last autumn.
The online discussion site looks set for a favorable debut after setting its IPO price at the high end of the range, at $34, representing a fundraising of $748 million.
Its planned entry on the NYSE, rather than the Nasdaq, comes amid a craze around US stocks linked to AI and the cloud.
On the financial front, Reddit indicated at a recent roadshow with investors that it expected sales to grow by more than 20% this year.
The group also expects to post an adjusted operating result (Ebitda) at breakeven, compared with an operating loss of $69 million last year.
While awaiting Reddit's listing, other listed social networks were doing rather well in early Wall Street trading on Thursday, with Meta and Pinterest gaining 0.9% and 1.5% respectively.
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Reddit, Inc. operates a social platform, Reddit. The Company operates mobile applications and a Website that allows users to form communities and create and share content. Reddit is focused on bringing community, belonging, and empowerment to everyone in the world. Reddit is a global, digital city where anyone in the world can join a community to learn from one another, engage in authentic conversations, explore passions, research new hobbies, exchange goods and services, create new communities and experiences, share a few laughs, and find belonging. Reddit has thousands of communities, endless conversation, and authentic human connections. Reddit offers real-time access to evolving and dynamic topics, such as sports, movies, news, fashion, and the latest trends.
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