Reddit, Inc. Rings Opening Bell at NYSE in Celebration of IPO Success
In a rare sighting in the tech IPO market, Reddit, Inc. (NYSE: RDDT) celebrated its successful initial public offering by ringing the Opening Bell® at the New York Stock Exchange with its mascot Snoo. This marked a significant moment for the company and the market as a whole, as Reddit and Astera Labs became the first venture-backed tech companies to go public since September.
Morgan Stanley emerged as a standout among banks, securing the lead left spot on both Reddit and Astera’s IPOs. This success broke a dry spell for the bank in tech offerings, following a downturn in initial public offerings that led to job cuts at both Goldman Sachs and Morgan Stanley in 2021.
The tech IPO market has seen a significant decrease in activity in the past two years, with only 15 tech companies going public compared to the 121 that did so in 2021. However, the recent IPOs of Reddit and Astera Labs have sparked optimism among market experts, who predict a potential increase in market activity in the coming months.
NYSE President Lynn Martin expressed confidence in the future of the tech market, predicting that more companies will go public in the second quarter. The successful debuts of Reddit and Astera Labs have reignited interest in tech IPOs, signaling a positive outlook for the industry moving forward.
