Reddit Goes Public, Prices IPO at $6.4 Billion Valuation Amid Tech Listing Lull

• Reddit prices IPO at $34 per share, valuing company at $6.4 billion

• IPO comes amid lull in tech listings over past 2 years; Reddit is first major social media IPO since Pinterest in 2019

• Revenue jumped 20% year-over-year to $804M in 2023; 98% of sales from advertising

• 500 million visitors in 2023; average of 73.1 million daily active users

• 1.76 million shares set aside for eligible Reddit users and moderators, no lock-up period