Reddit has announced the final price of IPO stocks at 34 dollars per share, which is the highest price in the offering range. Reports indicate that the amount of shares subscribed exceeds the offered shares by up to 5 times, resulting in a business valuation of 6.5 billion dollars.
The Reddit IPO shares being offered are Class A shares totaling 22 million shares, divided into new shares of 15.28 million and shares sold by current holders of 6.72 million shares. Reddit will be the first social media stock to enter the US stock market.
Reddit shares will be traded on the New York Stock Exchange under the symbol RDDT, with trading set to begin today (March 21) according to Thailand time.
TLDR: Reddit announces IPO stock price of 34 dollars per share, representing the highest in the offering range. Business valuation stands at 6.5 billion dollars. Social media platform becomes first in years to enter US stock market. Trading of Reddit shares with symbol RDDT begins today.
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