Reddit shares soar on first day of public trading

Company stock price climbed nearly 70% from its IPO, with Conde Nast's parent company standing to make nearly $1.4bn

Social media platform Reddit's (RDDT.N) shares ended their first day of trading in New York up 48%, signaling that investor appetite for initial public offerings of promising yet loss-making companies could be returning.

Reddit shares closed 48% above initial offer prices in the company's trading debut on Thursday, valuing the social media platform at more than $9bn in a closely watched opening. The stock peaked at $57.80 a share, up 70%, before dropping to $50.44 to close the day.