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Reddit Climbs 38% After Raising $748 Million in Top Priced IPO
Reddit Inc. shares jumped as much as 67% over their initial public offering price after the social media company and its shareholders raised $748 million priced at the top of a marketed range, sending a strong signal that the window for US IPOs is reopening. The San Francisco-based company’s shares traded on Thursday at $51.86 each as of 1:39 p.m. New York time, 53% above their $34 per share IPO price. The company had marketed 22 million shares for $31 to $34 each. At the current price, Reddit has a market value of $8.2 billion based on the outstanding shares listed in its filings with the US Securities and ... (full story)