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Reddit (RDDT) is set to make its Wall Street debut after being established in 2005 by University of Virginia roommates Alexis Ohanian and Steve Huffman.
Ranked among the top 20 most visited websites globally, Reddit will enter the New York Stock Exchange on Thursday with shares priced at $34 each, equating to a market capitalization of $6.4 billion.
The timing appears opportune for Reddit’s stock debut, coinciding with a surge in US stock exchanges following statements made on Wednesday by Federal Reserve Chair Jerome Powell.
Powell hinted at the imminent commencement of tapering the central bank’s “quantitative tightening” program, which has already reduced the Fed’s balance sheet by $1.4 trillion. Tapering this reduction theoretically frees up more room for investments in equities.
Reddit Stock Announcement: The IPO Has Arrived
Another reason for optimism regarding the Reddit IPO is the recent performance of Astera Labs (ALAB), a company focused on artificial intelligence semiconductors, which surged by 72% during its IPO on Wednesday.
Could Reddit experience a similar surge? It’s possible. Although the company’s initial pricing falls at the higher end of its range, its $6.4 billion initial market capitalization is approximately half of the rumored $10 to $15 billion valuation from late 2021 when management initially considered going public.
With over 267 million active weekly users, Reddit stands out among websites in terms of user engagement. Its revenue increased by 21% to $804 million in 2023, and management successfully reduced losses by half to just under $91 million.
Many observers speculate that Reddit’s stock could emerge as a new meme stock, given its widespread popularity.
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