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Reddit shares soar on first day of trading as social media platform's IPO arrives

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Reddit plans to sell more than 15 million shares of the newly public company while also setting aside stock for faithful users and moderators.

Reddit made its debut on Wall Street Thursday in an eagerly anticipated initial public offering aimed at infusing the social media company with hundreds of millions in capital. Shares of Reddit soared as much as 54% in their first day of trading on Thursday afternoon, reaching $52.29. That's far above the top of the $34 IPO range projected by the company. The IPO raised about $748 million, including about $228 million for Reddit shareholders who opted to sell some of their stock.

In the company's IPO filing, CEO Steve Huffman noted that the service was built on the efforts of its community, such as moderators and users, and that Reddit wants them to be able to participate in publicly owning the business.

 

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