What happened
On the evening of March 20, 2024, Reddit priced its initial public offering at $34 per share, the top of its marketed $31-to-$34 range. Reddit and selling shareholders offered roughly 22 million shares, raising about $748 million and valuing the company at approximately $6.4 billion on a fully diluted basis, well below the $10 billion valuation Reddit had carried in a 2021 private round.
The pricing capped a closely watched roadshow and set the stage for Reddit to begin trading the following day on the New York Stock Exchange under the ticker RDDT. As the first major social-media IPO in years, the offering was viewed as a test of investor appetite for consumer-internet listings and for Reddit's pitch that its human-generated content was a strategic asset in the AI era.