Reddit Shares Soar Nearly 50% in $9 Billion IPO, One of Biggest Social Media Public Offerings

• Reddit goes public, shares soar nearly 50% to close at $50.44 in IPO • Values Reddit at nearly $9 billion, one of biggest social media IPOs to date • Come after recent cooling of tech IPO market following weak launches • Tests Reddit's push for a viable business model after years of losses • CEO says advertising business shows "a lot of momentum", sees no constraints on how big it can grow