Post by Dividavi on Mar 20, 2024 22:13:24 GMT
Do you think it's a good investment?
www.nytimes.com/2024/03/20/technology/reddit-ipo-stock-price.html
Reddit Said to Price I.P.O. at $34 a Share, in a Positive Sign for Tech
The social media company raised $748 million in the offering. Its shares begin trading on the New York Stock Exchange on Thursday.
By Mike Isaac and Lauren Hirsch
Mike Isaac has covered Reddit since 2010 from San Francisco. Lauren Hirsch reports for DealBook from New York.
March 20, 2024
Updated 5:53 p.m. ET
Reddit on Wednesday priced its shares at $34 for its initial public offering, two people with knowledge of the matter said. The pricing was at the high end of expectations, in a sign of investor demand for growing tech companies.
The San Francisco-based social media company had estimated that its shares would be priced at $31 to $34. The $34 price put Reddit’s value at $6.4 billion, below the $10 billion valuation it fetched in a private fund-raising round in 2021. The company raised $748 million in the offering, said the people, who spoke on the condition of anonymity.
Its shares will begin trading on Thursday on the New York Stock Exchange under the ticker symbol RDDT.
The pricing was a favorable signal for start-ups and venture capitalists, who have been closely watching Reddit’s offering as a test for private tech companies angling to brave the public markets. Activity has been slow, with just over 100 companies going public in the United States last year, roughly a quarter of the number that went public in 2021, according to data compiled by Renaissance Capital, which manages exchange-traded funds that focus on I.P.O.s.
Shares of one of last year’s hottest tech company debuts — Instacart, the grocery delivery company — are up roughly 58 percent this year. Shares of Arm, a chip designer that also went public last year, are up about 90 percent in the same period.
www.nytimes.com/2024/03/20/technology/reddit-ipo-stock-price.html
Reddit Said to Price I.P.O. at $34 a Share, in a Positive Sign for Tech
The social media company raised $748 million in the offering. Its shares begin trading on the New York Stock Exchange on Thursday.
Reddit, founded in 2005, was an early form of a social network, growing up when Facebook was still nascent and MySpace was in its heyday.Credit...Amy Lombard for The New York Times
By Mike Isaac and Lauren Hirsch
Mike Isaac has covered Reddit since 2010 from San Francisco. Lauren Hirsch reports for DealBook from New York.
March 20, 2024
Updated 5:53 p.m. ET
Reddit on Wednesday priced its shares at $34 for its initial public offering, two people with knowledge of the matter said. The pricing was at the high end of expectations, in a sign of investor demand for growing tech companies.
The San Francisco-based social media company had estimated that its shares would be priced at $31 to $34. The $34 price put Reddit’s value at $6.4 billion, below the $10 billion valuation it fetched in a private fund-raising round in 2021. The company raised $748 million in the offering, said the people, who spoke on the condition of anonymity.
Its shares will begin trading on Thursday on the New York Stock Exchange under the ticker symbol RDDT.
The pricing was a favorable signal for start-ups and venture capitalists, who have been closely watching Reddit’s offering as a test for private tech companies angling to brave the public markets. Activity has been slow, with just over 100 companies going public in the United States last year, roughly a quarter of the number that went public in 2021, according to data compiled by Renaissance Capital, which manages exchange-traded funds that focus on I.P.O.s.
Shares of one of last year’s hottest tech company debuts — Instacart, the grocery delivery company — are up roughly 58 percent this year. Shares of Arm, a chip designer that also went public last year, are up about 90 percent in the same period.