Reddit shares soar on first day of public trading

Company stock price climbed nearly 70% from its IPO, with Condé Nast’s parent company standing to make nearly $1.4bn

Reddit shares opened 38% above initial offer prices in the company’s trading debut on Thursday, valuing the social media platform at $8.87bn in a closely watched opening. The stock peaked at $57.80 a share, up 70%, before dropping to just under $50.

The initial public offering for the San Francisco-based company was first priced at $34 a share, putting its market value at $6.4bn. The company and its selling shareholders raised $748m.

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