Reddit shares soar on first day of public trading

News Snapshot:

Reddit shares opened 38% above initial offer prices in the company’s trading debut on Thursday, valuing the social media platform at $8.87bn in a closely watched opening. The stock peaked at $57.80 a share, up 70%, before dropping to just under $50. The initial public offering for the San Francisco-based company was first priced at $34 a share, putting its market value at $6.4bn. The company and its selling shareholders raised $748m. The long-awaited IPO had been in the works for more than two years. Reddit confidentially filed for an IPO in December 2021 but ended up delaying amid stock...