11:29 AM EDT, 03/21/2024 (MT Newswires) -- Reddit ( RDDT ) shares are indicated to start trading between $42 and $46 each on Thursday, up to 35% higher than the social media platform's initial public offering price, Bloomberg News reported Thursday.

The forum-based website and app, which was founded in 2005, is issuing 22 million class A shares at $34 per share, it said late Wednesday.

The shares are expected to trade on the New York Stock Exchange under the ticker symbol, "RDDT." The offering is set to close at the beginning of next week.

Reddit ( RDDT ) didn't immediately respond to MT Newswires' request for comment.

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