The company's plan to profit from the growth of artificial intelligence was highlighted as a key factor in its success. However, the stock did experience a dip of up to 5% in premarket trading on the following Friday.
Key takeaways:
- Reddit Inc.'s shares climbed 48% in its trading debut, benefiting both users who were given the chance to buy shares at the initial public offering price and longtime investors.
- The company's successful debut was based on its plan to profit from the growth of artificial intelligence.
- Reddit's initial public offering was priced at the top of a marketed range, raising $748 million.
- This makes it the fourth-largest US IPO of the year, however, the stock was lower by as much as 5% in premarket trading on Friday.