RDDT / IPO

RDDT is the ticker symbol under which Reddit, Inc. trades on the New York Stock Exchange following its initial public offering (IPO), the process by which a private company first sells shares to the public. Reddit priced its IPO at $34.00 per share, the top of its expected range, and began trading on March 21, 2024, marking the first IPO of a major social media company since Pinterest in 2019. The offering raised roughly $750 million for the company and selling shareholders combined, with Reddit itself collecting around $519 million.

Reddit's market debut was strong: the stock opened at $47, climbed as high as $57.80, and closed its first day up nearly 48 percent from the offering price, giving the company a market capitalization of roughly $9.5 billion. The IPO was notable for offering some longtime users and moderators the chance to buy shares at the IPO price, a nod to the community's role in building the platform. As a publicly traded company, Reddit became subject to SEC reporting requirements and quarterly earnings scrutiny, intensifying its focus on revenue from advertising, data-licensing deals (including for AI training), and user monetization.