Investing.com – Reddit shares rose more than 11% in pre-open trading Friday following S&P Dow Jones Indices’ announcement that the company will be added to the S&P 500 index.

“We’re proud to be added to the S&P 500, recognizing the growth, momentum, and consistency we’ve established as a public company,” said Drew Vollero, Reddit’s Chief Financial Officer. “Reddit’s raw materials are special, and there is so much potential to continue building great products and scaling profitably. Our focus remains on executing against the many opportunities ahead.”

The social media platform will enter the benchmark index before the market opens on Aug. 18. Reddit will take the place of AvalonBay Communities, which Equity Residential is acquiring.