A string of companies could follow Reddit into the US stock market in the coming months, bankers believe, after shares of the social media group leapt 48 per cent on their debut.
A steady, sustained rise in activity would breathe life into the market for initial public offerings, which has been largely shut down since 2021.
This week, Reddit sold $748mn worth of shares priced at the top of its suggested range, and its stock soared on the New York Stock Exchange as trading opened. A day earlier, shares in AI infrastructure group Astera Labs surged 72 per cent on their Nasdaq debut. The company raised $713mn.
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