Reddit Prices Shares at $34 in IPO

Reddit Prices Shares , at $34 in IPO.

Reddit will go public on March 21 and has priced its IPO at $34 a share, Yahoo Finance reports.

That is about a $6.4 billion valuation.

A social media company hasn't gone public since Pinterest in 2019.

Reddit gained increased recognition amid the meme stock craze of 2021.

Reddit had 500 million site visitors in 2023.

Its revenue increased 20% from 2022 to $804 million.

According to an S-1 filing, Reddit said that its "content is particularly important" for the world of artificial intelligence.

We are exploring business opportunities in licensing data for purposes including machine learning, business analysis, display and training generative AI models, Reddit, via S-1 filing.

1.76 million shares have been set aside for eligible Reddit users and moderators.

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Headline venture partner Kamran Ansar said the decision lends itself to volatility.

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You may see a big run up in the stock price and a drop, Headline venture partner Kamran Ansar, via statement.

Because this has such a rabid community around it, the Reddit users, you could see Reddit itself ironically become a meme stock the way that you saw happen with like AMC and GameStop, Headline venture partner Kamran Ansar, via statement