Shares in social media company Reddit leapt by almost half on its market debut, in a vote of confidence for initial public offerings after two years of subdued activity.
The stock closed at $50.44 after trading began on Thursday at the New York Stock Exchange under the ticker RDDT, up 48 per cent from its IPO price of $34 a share.
The strong debut may herald a revival of investor interest in IPOs following a tough two years for companies trying to go public, potentially paving the way for more companies to launch IPOs.
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