Reddit IPO prices at $34 per share amid strong demand

FILE - The Reddit app icon is seen on a smartphone, Feb. 28, 2023, in Marple Township, Pa. Reddit is due to begin trading on the New York Stock Exchange on Tuesday, March 21, 2024. FILE - The Reddit logo is displayed on a mobile device in New York, June 29, 2020. Reddit, that vast, lively and sometimes borderline shambolic repository of internet discussion, said Monday, March 11, 2024, that its pending initial public offering may be worth almost three quarters of a billion dollars.

The interest surrounding Reddit stems largely from a large audience that religiously visits the service to discuss a potpourri of subjects that range from silly memes to existential worries, as well as to get recommendations from like-minded people. Meta Platforms — whose biggest social media service Facebook was started just 18 months earlier than Reddit —- boasts a market value of more than $1.2 trillion. Meta also generates annual revenue of $135 billion, while Reddit’s remains below $1 billion.Google, Meta and others face tough questions in Australia over cyber extremism threatsAnd then there is this problem: Reddit has never profited from its broad reach, while piling up cumulative losses of $717 million.

But Reddit will now have more money in the bank to finance its ambitions to expand its influence and reel in more revenue in the process.

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