The price, announced late Wednesday, came in at the top of the target range set by Reddit's investment bankers as they spent the past few weeks gauging investor demand for the stock.
Reddit has recorded a net loss in each year since its debut in 2005, including losing $90.8m last year. But the company's approximately 267 million weekly average users and troves of posts have turned it into one of the largest social networks and content platforms, leading investor interest.
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