Reddit prices IPO at $34 a share, in a positive sign for tech

Reddit on Wednesday priced its shares at $34 for its initial public offering, at the high end of expectations, in a sign of investor demand for growing tech companies.

The San Francisco-based social media company had estimated that its shares would be priced at $31 to $34. The $34 price put Reddit’s value at $6.4 billion, below the $10 billion valuation it fetched in a private fundraising round in 2021. The company raised $748 million in the offering.