Reddit: eagerly awaited first steps on the stock market
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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