Reddit shares were up about 30% to $59.80 at the market's close on Monday.
Reddit's stock has been rising ever since it went public last week and raised roughly $750 million from the IPO, of which the company logged about $519 million.
Plexo Capital founding managing partner and Reddit shareholder Lo Toney told CNBC that Reddit's IPO was "a positive sign not only for Reddit, but I think also the tech industry and what it might mean for future IPOs."Reddit CEO Steve Huffman hugs mascot Snoo as Reddit begins trading on the New York Stock Exchange in New York on March 21, 2024.
Still, Toney said that there are other "dynamics that need to happen," including a few more companies entering the public market before it's safe to say that the IPO floodgates have opened. Toney noted that some startups have raised a lot of money so they may not be in any hurry to go public and raise more cash.
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