(CercleFinance.com) – Investors were impatiently awaiting the first listing of Reddit stock this Thursday, with the hope that the social media’s first stock market steps will maintain the upward momentum that the technology sector has enjoyed since last fall.
The online discussion site seems set for a favorable start after setting its IPO price at the top of the range, at $34, representing a fundraising of $748 million.
Its planned entry on the NYSE, and not on the Nasdaq, comes in a context of enthusiasm around American stocks linked to AI and the ‘cloud’.
On the financial side, Reddit indicated during a recent roadshow with investors that it expects its revenue to grow by more than 20% this year.
The group also intends to post a current operating profit (EBITDA) adjusted to breakeven, compared with an operating loss of $69 million last year.
While awaiting the listing of Reddit, the other listed social networks were rather well oriented on Thursday in the first exchanges on Wall Street, like Meta or Pinterest, which gained 0.9% and 1.5% respectively.
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