Reddit set up to $6.4 billion valuation.
Reddit is setting its sights on a valuation of up to $6.4 billion as it prepares for its initial public offering (IPO). This upcoming stock market debut is one of the most anticipated in recent years. To raise up to $748 million, the social media platform will sell around 22 million shares priced between $31 and $34 each, alongside some existing investors.
Reddit is setting its sights on a valuation of up to $6.4 billion as it prepares for its initial public offering (IPO). This upcoming stock market debut is one of the most anticipated in recent years. To raise up to $748 million, the social media platform will sell around 22 million shares priced between $31 and $34 each, alongside some existing investors.
IT is gearing up for its initial public offering (IPO), a key test for investor interest in new listings after a shaky start to the year in the IPO market. This highly anticipated debut comes over two years after the social media platform first began preparations to go public.
The targeted valuation is lower than the $10 billion Reddit secured in a 2021 fundraising round, reflecting the current market climate.
Founded in 2005, Reddit has become a cornerstone of online culture.
Its iconic alien logo is instantly recognizable, and its vast network of subreddits fosters discussions on every imaginable topic. Co-founder Steve Huffman even credits a Reddit community with helping him overcome a personal struggle.
IT boasts a history of hosting high-profile events, including an “AMA” (Ask Me Anything) session with former President Barack Obama in 2012. More recently, Reddit’s “wallstreetbets” forum played a pivotal role in the 2021 “meme-stock” saga, where retail investors banded together to buy up stocks like GameStop.
The offering is being led by major financial institutions like Morgan Stanley, Goldman Sachs, J.P.Morgan, and Bank of America Securities. Upon listing, It will trade under the ticker symbol “RDDT” on the New York Stock Exchange.