Reddit Pares Gains in Trading Debut After $748 Million IPO (2)

Reddit Inc. shares eased back from highs Thursday after jumping as much as 67% above their initial public offering price, a day after the social media company and its shareholders raised $748 million.

The San Francisco-based company’s shares traded on Thursday at $49.39 each as of 3:13 p.m. New York time, 5.1% above their opening price of $47. The trading comes after Reddit and some of its stockholders sold 22 million shares at $34 each, in an offering that priced at the top of a marketed range.

At the current price, Reddit has a market value ...