Reddit priced its initial public offering (IPO) at $34 per share Wednesday evening and is set to begin trading Thursday on the New York Stock Exchange (NYSE) under the "RDDT" ticker.

This price band values Reddit at about $6.4 billion. Reuters cited sources familiar with the deal who said the offering was around four to five times oversubscribed, with the company set to easily 澳洲幸运5官方开奖结果体彩网:raise its targeted $748 million from the public market.

Reddit filed the paperwork for its IPO about a month ago, after first pursuing a listing in 2021, when management was said to be seeking a $15 billion valuation. A subsequent sell-off in tech stocks and a softening in the IPO market led♏ to the company to revise those expectations downwards.

In its most recent filing with the Securities and Exchange Commission (SEC), 澳洲幸运5官方开奖结果体彩网:the company highlighted investments in cryptocurrency and noted OpenAI CEO 澳洲幸运5官方开奖结果体彩网:Sam Altman wa𒀰s an investor in the firm, with 9.2% of the voting rights as of Feb 22.

The filing also revealed 2023 revenue of $804 million, up 21% over the year, but the company has yet to book a profit in its nearly 20-year history. Some hope that will change with the company's CEO recently looking to leverage the huge amounts of data on the platform to train 澳洲幸运5💖官方开奖结果体彩网:generative artificial intelligence models. The company recently signed a data-sharing deal valued at $60 million a year with Alphabet's Google (GOOG) (GOOGL).

However, there are also challenges ahead for Reddit, which disclosed an investigation by the Federal Trade Commission (FTC) and a 澳洲幸运5官方开奖结果体彩网:patent dispute with Nokia Corp. (NOK) in its recent regulatory filings.

Update—March 20, 2024: This article has been updated with information from Reddit's IPO pricing press release.