Reddit on Wednesday priced its shares at $34 for its initial public offering, two people with knowledge of the matter said. The pricing was at the high end of expectations, in a sign of investor demand for growing tech companies.

The San Francisco-based social media company had estimated that its shares would be priced at $31 to $34. The $34 price put Reddit’s value at $6.4 billion, below the $10 billion valuation it fetched in a private fund-raising round in 2021. The company raised $748 million in the offering, said the people, who spoke on the condition of anonymity.