Reddit has announced a price of $34 per share for their initial public offering.
The stock opened trading up 45% at $47 and jumped as higher than $50 a share a few minutes later.
Reddit, Inc. is selling 22,000,000 shares of its Class A common stock. 15,276,527 of them are being sold by Reddit and 6,723,473 are being sold by certain selling stockholders.
The social media company is expected to start trading at some point on Thursday on the New York Stock Exchange under the ticker symbol "RDDT."
Reddit is expected to be valued at $6.4 billion.
The self-proclaimed "front page of the internet" is offering shares to its contributers.
Reddit set aside up to 1.76 million of the 15.3 million shares being offered in the IPO for users of its platform, according to the Associated Press.
The "Redditors" who comment on its boards and the moderators who manage them will have the opportunity to get in at the start of the sale.
The offering is a departure from traditional IPO protocol, where initial shares are sold to institutional investors and fund managers who then start trading the stock on the open market.
Reddit is looking to raise almost $750 million from the stock sale.
