Reddit Goes Public on NYSE as RDDT, Raising Over $500M

Léonie Dupont
1 min read

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Nineteen years after its debut, Reddit is now a publicly traded company. It was listed on the New York Stock Exchange as RDDT for the first time on Thursday, with mascot Snoo on hand to ring the opening bell. The company aimed to sell 15.3 million shares at $34 a pop to raise around $519.4 million. Stockholders collectively planned to sell 6.7 million shares in the IPO for a total of $228.6 million, valuing Reddit at just under $6.5 billion. The sale’s underwriters also have the option to buy 3.3 million shares at the IPO price over the next 30 days. If all those sell, Reddit will pull in another $112.2 million. Reddit has invited long-term users in good standing the chance to snap up shares at the IPO pricing over the last few weeks. It’s been a long road for Reddit to go public, and it’s doing so long after many of its peers. Conde Nast bought Reddit in 2006, just over a year after the platform went live, and spun it back out as an independent subsidiary in 2011. Reddit first filed for an IPO in 2021. Last year, users protested against the company's decision to start charging for API access, which affected third-party apps that hooked into the platform. Reddit sees the importance of its users, stating that if engagement declines, their business will be harmed. Most recently, Reddit signed a deal with Google worth $60 million a year to train AI models on user-generated content. The Federal Trade Commission is looking into the arrangement.

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