Reddit's IPO May Open Doors for Tech Companies

If a rush of companies ends up going public in coming months, they might want to thank Reddit for helping pave the path. The market for initial public offerings has been all but closed to tech companies over the last two years. Prior to Reddit ’s IPO last month, many investment experts were pessimistic about how it would be received on Wall Street andat the top of its predicted range, and its stock price more than doubled within three days before selling off a bit.

Meanwhile, another recently public company — Santa Clara chipmaker Astera Labs — also saw its stock price soar in its debut. “I think people were a bit wary of Reddit” before its IPO, said Avery Marquez, an assistant portfolio manager at Renaissance Capital, a financial firm that closely tracks the IPO marke

Source: News Formal (newsformal.com)

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