TECH - Reddit Shares Jump 62% On Debut: Investors Analysts React On Social Media | Benzinga
As the most eagerly anticipated initial public offering so far this year, shares in Reddit Inc. (NYSE:RDDT) got off to a blistering start, adding 62% to the $34 IPO price to trade at $55 in opening exchanges.
It was a milestone moment for the 19-year old social media platform, founded by Steve Huffman, CEO, and Aaron Swartz and Alexis Ohanian.
The IPO was not just open to institutional investors. Huffman said the goal was to “level the playing field” by bringing in retail investors as well as institutional players and around 2 million of the 159 million shares on offer were held for retail investors.
Huffman said: “The best investors of Reddit are people who use Reddit.”
One highly speculative inquiry on the subreddit r/RedditIPO asked: “What share price would be equal a $10 billion market cap?”
That, indeed, ...