Reddit prices IPO at top of range, raises $748 mln

STORY: The social site Reddit is set to give the market for tech listings a much-needed boost.Sources told Reuters that Reddit priced its initial public offering at the top of its targeted range on Wednesday (March 20).The platform is a social media site that harkens back to Internet bulletin boards and forums.It and its existing shareholders priced its stock at $34 a share, giving it a valuation of around $6.4 billion……and raising over $700 million dollars.While that's at the top of where the company expected to be in the IPO, it's short of a $10 billion valuation in a funding round in 2021.Reddit launched in 2005 and has become one of the cornerstones of Internet culture.It has over 100,000 online forums called "subreddits", which feature conversations on a wide variety of topics.However, Reddit has never turned a profit, and said in a filing it was "in the early stages of monetizing (its) business."Reddit’s shares are expected to start trading on the New York Stock Exchange on Thursday (March 21).The successful offerings of Reddit and Astera Labs, which had a successful IPO on Wednesday (March 20), could breathe life into the lackluster tech IPO market after two years of largely subdued activity.