The online platform Reddit started on the stock market with a strong price jump. In American trading on Thursday, the increase was sometimes more than 50 percent.
Reddit had set the issue price at $34 per share, at the high end of the previously established price range. Reddit and its previous shareholders received approximately $750 million from the IPO.
The San Francisco company reserved about eight percent of the shares that went public for particularly active users. There are no retention periods for them, as is often the case for other investors. This means that they can sell the securities from day one.
On Reddit, users can join online groups based on their interests. In the past quarter, the platform averaged 73.1 million daily users. About half of that came from the US. Reddit increased revenue last year from $666.7 million to $804 million. The loss fell from $158.6 million to $90.8 million. (sda/dpa)
Source: Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
