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Reddit to make stock market debut today, prices IPO at $34/ share
Reddit and its eclectic bazaar of online communities is ready to plumb high-stakes territory the stock market.
The company said on Wednesday that it had priced its IPO at USD 34 a share. Shares will begin trading today on the New York Stock Exchange under the ticker symbol RDDT in a market debut likely to spur a flurry of commentary on Reddit's own platform, as well as competing social media outlets.
The IPO will test the quirky company's ability to overcome a nearly 20-year history coloured by uninterrupted losses, management turmoil and occasional user backlashes to build a sustainable business.
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 get recommendations from like-minded people.
About 76 million users checked into one of Reddit's roughly 100,000 communities in December, according to the regulatory disclosures required .