Shares of social forum giant Reddit closed its first day of trading at $50.31, up nearly 48% from its IPO price of $34 per share. The company had indicated a target range of $31 to $34 per share in the run-up to its public-market debut, eventually settling on the top-end of that interval. Prices are still bouncing, though have cooled and appear to be settling in at below $50.
With $804.0 million in 2023 revenue, and still unprofitable (with net losses of more than $90 million last year), Reddit may appear to be trading on the high end of its revenue multiple compared to the nearest comparable social media …
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