On Wednesday night, the firm raised $748 million from its first public offering (IPO), which was priced at the upper end of its intended range of $31 to $34 per share.
Reddit and its current investors sold 22 million shares for $34 a share.
Later in the day, when the New York Stock Exchange opens for business, trading will start.
A lack of flotations over the previous three years, according to market commentators, indicated that the IPO was a significant test of the market and that its pricing was reasonable.
Reddit’s prior valuation, after a private investment round in 2021, was $10 billion.
Investors were not overly enthusiastic about the initial public offerings (IPOs) of other well-known companies, such as BrightSpring and Amer Sports, earlier this year.
Although tech-related equities have performed better than most this year, at the beginning of their stock market trip, they represent a gamble on the future, as is always the case with such companies.
Reddit has never turned a profit on a yearly basis since its founding in 2005, falling short of competitors like Meta and even news in terms of revenue.
