Shares in the social media platform are set to start trading on Friday in a test of the US market’s appetite for new listings.
| Reddit and its selling shareholders raised $US748 million , pricing shares in an initial public offering at the top of a marketed range, the second big tech listing in as many days.
Reddit is a high-profile addition to 2024’s US roster of newly and soon-to-be public companies. The biggest of those listings has been the $US1.57 billion offering by Amer Sports in January.The listing follows the $US713 million Astera Labs offering by one day. Astera, a semiconductor connectivity company focused on artificial intelligence, priced its shares above its marketed range and then jumped 72 per cent in its trading debut on Wednesday.
This year, almost $US8.7 billion has now been raised via IPOs on US exchanges, the data show. That’s an increase of about 150 per cent at this point last year.The strong showings by Reddit and Astera provide a market temperature check for other IPO candidates such as Microsoft-backed data security start-up Rubrik and health-care payments company Waystar Technologies.Founded in 2005, Reddit averaged 73.1 million daily active unique visitors in the fourth quarter, according to its filings.
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