Reddit (RDDT) has priced its initial public offering at 34 per share, valuing the company at about $6.4 billion as it prepares to begin trading on the New York Stock Exchange Thursday.

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The pricing places the Reddit IPO at the top end of the 31 to 34 range announced earlier this month. The initial public offering is the most significant debut from a social media company since Pinterest (PINS) in 2019.

Reddit will trade as RDDT. The company last raised private funding in 2021, at a reported valuation of $10 billion.

Reddit IPO: Revenue Up 21% in 2023, Company Posted Loss

Reddit, founded in 2005, operates one of the world’s largest and most active online message board websites. The Reddit platform hosts a stockpile of 1 billion cumulative posts across 100,000 active communities, according to the Reddit IPO filing.

Reddit last year had sales of $804 million, up 21% from 2022. But the company lost about $91 million in 2023 and is yet to turn a profit. Reddit acknowledged in its IPO filing that it was slow to monetize its platform.

Reddit competes for digital advertising dollars in a social media market dominated by Meta Platforms (META), which owns Facebook and Instagram. Pinterest and Snapchat-parent Snap (SNAP) are also competitors. Alphabet (GOOGL), the parent company of Google, and Amazon (AMZN) are also major digital advertising players.

Further, Reddit hopes to monetize its platform by licensing its content to companies that train artificial intelligence models. It announced an AI training deal with Google last month.

Reddit’s IPO comes a day after the debut of Astera Labs (ALAB) on the Nasdaq. The data center chip firm’s shares jumped more than 70% Wednesday from an offering price of 36, closing at 62.03.

IPO stocks can be volatile, particularly early on. A twist for the Reddit IPO is that about 8% of the 15.3 million shares offered in the IPO for Redditors, the term for the platform’s users and moderators. Those users will be able to sell at any time, regardless of any lockup period, the Reddit filing said.