Reddit shares rose 48 percent on Thursday in their first day of trading, in a sign of investor eagerness that set the stage for more tech companies to reach the stock market this year.

Shares of the social media company began trading on the New York Stock Exchange at $47 after pricing at $34 on Wednesday in its initial public offering. The stock continued to rise before closing at $50.44. The pop put Reddit’s market capitalization at about $9.5 billion, slightly below the $10 billion it was valued at in the private markets three years ago.