Reddit’s stock price rose 48 percent on the first day of its IPO

Popular social network in the USA Reddithas made an application for public offering. We conveyed it to you. Reddit, which aims to complete its public offering with a valuation of $ 6.5 billion, increased its stock price by 48 percent in its first appearance on the market.

Reddit shares began trading on the New York Stock Exchange on Thursday, March 21, under the symbol “RDDT.” The initial public offering price per share 34 dollars Let us state that it is. shares, from $47 opened and up to $57.80 rose. So share prices increased up to 70 percent happened. share closing from $50.44 happened. Reddit’s market cap at time of IPO to $9.5 billion reached up. This is Reddit’s future in 2021 reached $10 billion valuation level close.

The company and existing shareholders 31 per share ila 34 dollars in the range of about 22 million shares We shared with you that he was planning to sell. As planned, during the IPO, approximately 22 million shares sold. These 22 million shares 15.28 million on Reddit‘e, 6.72 million to shareholders belonged. In addition, Reddit gives underwriters a price at the IPO price. Additional shares up to 3.3 million shares granted a 30-day option to purchase. The leading underwriters in Reddit’s IPO were Morgan Stanley, Goldman Sachs, JPMorgan Chase and Bank of America.

Advance Publications, one of Reddi’s investors 42.2 million Reddit sharesafter the public offering More than $2.1 billion had value. Co-founder of OpenAI Sam Altman‘of 12.16 million Reddit shares whereas worth 613 million dollars reached.

According to the information shared by Reddit, Advance Publications, Sam Altman and other shareholders who owned Reddit shares before the public offering, A lock-in period of 180 days Of course it will. During this period, the sales of the shares and convertible securities in question will not be allowed.

Finally, Reddit CEO Steve Huffman Sale of 500 thousand shares in public offering through earned 17 million dollars Let’s add. The remaining directly owned by Huffman 4.17 million shares whereas kiunder the lithium restriction.

By the way, Reddit’s Reddit users, also known as Redditors, 1.76 million shares It should be noted that it separates Redditors who created their accounts before January 1 had the opportunity to purchase these shares to participate in the IPO. These shares are not subject to lock-up restrictions.

According to information provided by Reddit, the company will cease sales in 2023. $804 million revenue got it. In 2022 666.7 million dollar Reddit, which generates revenue, will increase its revenue from sales in 2023. 20 percent increased by . According to data shared in December 2023; In the fourth quarter of 2023, Reddit had more than 500 million visitors and an average of 73.1 million active daily users. Moreover Google will use Reddit’s content to train artificial intelligence announced. It is claimed that the agreement in question is worth $60 million annually.