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The forum-based website and app, which was founded in 2005, is issuing 22 million class A shares at $34 per share.....

The online discussion site went public on Thursday with an offering of 22 million shares at $34 each, including 15.3 million new shares. The rest were sold by existing shareholders.

The stock opened for trading at $47 and finished the first day of trading at just over $50, for a gain of 48% relative to the IPO price. On a fully diluted basis, that gives Reddit a valuation of about $9.6 billion, or about 10 times the roughly $1 billion in revenue the company is likely to report for 2024.

That is still less than the $15 billion valuation the company once reached in the private market.

Of the 22 million shares that Reddit and existing stakeholders sold in the offering, some 1.76 million were made available through the DSP, equal to 8% of the deal. The shares were offered based on a user’s reputation, measured through what the company calls karma.