"American forum" Reddit opened on the first day with a 38.2% increase, closing at $47, higher than the IPO offering price of $34 per share previously announced

On Thursday night, "American Reddit" went public on the open market with the stock code "RDDT". Reddit's stock opened 38.2% higher on the first day at $47, up from the IPO price of $34 per share previously announced.

Previously, Reddit's target price range for the IPO was between $31 and $34 per share, meaning its fully diluted equity value would range between $6 billion and $6.5 billion. On Wednesday, Reddit announced an IPO price of $34 per share, at the upper end of the expected range, which may indicate that investors' enthusiasm for new listings is gradually warming up.

Public information shows that Reddit is a social media platform with 267.5 million monthly active users spread across over 100,000 subreddits, covering discussions in almost all areas from entertainment, technology to personal finance. Its most famous subreddit is the WallStreetBets trading forum, which gained notoriety for causing market turbulence by prompting retail investors to collectively buy meme stocks like GME, highlighting the influence of social media in the financial markets