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Social media platform Reddit,priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, raising $748 million and giving the ailing technology IPO market a much-needed boost.

The IPO priced 22 million shares sold by the company and its existing shareholders at $34 a share, giving Reddit a valuation of about $6.4 billion.

Excluding the shares sold by existing shareholders, Reddit raised gross proceeds of $519.4 million.

Reutersreported earlieron Wednesday that Reddit and its bankers were guiding they could price the IPO at the top of the indicated range or above.

The pricing of the IPO at the top of the range is a vindication of the company’s decision to lower its valuation expectations, after it was valued at $10 billion in a private fundraising round in 2021.

The successful offerings of Reddit andAstera Labs,could boost the lackluster tech IPO market after two years of largely subdued activity.

Earlier this year, the stock market launches of other big names including KKR-backed BrightSpring and sportswear brand Amer Sports received a lukewarm reception from investors.

In February, Reddit unveiled a $66 million contract to provide training data to Alphabet’s Google.

Redditsaid,last week the US Federal Trade Commission was conducting an inquiry focused on the company’s sale, licensing, and sharing of user-generated content with third parties to train artificial intelligence models.

Reddit’s shares are expected to start trading on the New York Stock Exchange on Thursday under the ticker “RDDT”.

Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America are the lead underwriters for Reddit’s offering.

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US

How much of the White House is Trump demolishing?

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How much of the White House is Trump demolishing?

👉 Follow Trump100 on your podcast app 👈 

Donald Trump begins bulldozing much of the White House as his plans to build a mega ballroom begin – without planning permission, nor true clarity as to how it’s all being funded.

There are aesthetic questions, historical questions and ethical questions. We dig into what they are.

And – who is the young Democratic socialist about to become New York City’s first Muslim mayor? We tell you everything you need to know about Zohran Mamdani.

You can also watch all episodes on our YouTube channel – and watch David Blevins’ digital video on the White House ballroom here.

Email us on trump100@sky.uk with your comments and questions.

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Sports

Sharks see into future as Celebrini, Smith key win

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Sharks see into future as Celebrini, Smith key win

NEW YORK — Mired in a six-game losing streak to start another rebuilding season, the San Jose Sharks had two young franchise cornerstones deliver exactly the kind of performances the team is hoping to get from them for the next decade or more.

Macklin Celebrini had a hat trick and set up Will Smith‘s overtime goal to give the 2024 No. 1 pick his second five-point game early in his second NHL season, and the Sharks are no longer the only team in the league without a victory. Oh, and it came at Madison Square Garden against the New York Rangers, who were looking to win at home for the first time this fall.

“It’s good to see the young guys firing like that,” said enforcer Ryan Reaves, whose early fight against Matt Rempe on Thursday night fired up the Sharks. “We need those guys to step up in big games, and they both did.”

Reaves threw his helmet onto the ice to celebrate Celebrini’s third goal of the night late in the second period.

“I was just making sure there was something on the ice for him,” Reaves said. “I didn’t know how far up the Sharkie fans were, if they had good arms or not, so I was just making sure there was one on there for him.”

There were a few others to clean up, though many more when Taylor Raddysh of the Rangers got his third for dueling hat tricks at the Garden. But Celebrini stole the show by assisting on Smith’s goal in the third period and then again in OT.

“It speaks for itself, to be honest, to do that at MSG on a huge stage,” said Smith, who had four points in his own right. “In a game where we needed him, he showed up.”

Counting a point from 2025 No. 2 pick Michael Misa, the Sharks got 10 from players age 20 or younger for the second time since April. The last team to do that before them was Toronto on Jan. 8, 1986.

“When you draft them that high, you expect them to perform like that and they’ve proven time and time again why they were drafted that high and why all that was going to be put on their shoulders,” Reaves said. “It’s great to see.”

It came against the backdrop of San Jose starting 0-4-2 – the fourth consecutive season the team has lost at least four in a row at the beginning. After his team’s morning skate, second-year coach Ryan Warsofsky offered an optimistic message.

“We’re not going to quit,” Warsofsky said. “There’s still a lot of hockey to be played. We’re going to keep going. We’re going to keep pushing and challenging and we’re going to get out of this together.”

It was fitting that the most important building blocks led the way. The Sharks have not made the playoffs for the past six years and are not expected to again this season, but they do hope to take a step forward in the process of growing into a contender again.

In an effort to do that, they added veterans like Reaves and Stanley Cup champion defenseman Dmitry Orlov to the mix.

“We have a great group,” said Barclay Goodrow, who won the Cup with Tampa Bay in 2020 and ’21 and landed with the Sharks when they claimed him off waivers from the Rangers in the summer of ’24. “Lots of youth that keeps us old guys younger. It’s fun coming to the rink every day.”

Celebrini and Smith had some fun out on the town in New York City during this swing, which also included a team outing to see “Book of Mormon” on Broadway. A song from the show played in the victorious visiting locker room after the 6-5 win.

“Felt like it brought the boys together a little bit,” Reaves said. “It might be the new one.”

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Politics

Polymarket bets that Sam Bankman-Fried gets pardon surge to 12%

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Polymarket bets that Sam Bankman-Fried gets pardon surge to 12%

Polymarket bets that Sam Bankman-Fried gets pardon surge to 12%

Former FTX CEO Sam Bankman-Fried’s odds on Polymarket of being pardoned by US President Trump have more than doubled to around 12% after Changpeng Zhao was pardoned.

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