Reddit priced its stock on Wednesday at $34 a share, the top of the anticipated range, a signal that investors are excited about the company’s IPO on Thursday. The social media giant raised nearly $500 million in the offering. Excluding employee stock options, the 19-year old company’s valuation will start at $5.4 billion, a far […] © 2024 TechCrunch. All rights reserved. For personal use only.
Reddit Inc. and its selling shareholders raised $748 million, pricing shares in an initial public offering at the top of a marketed range, according to people familiar with the matter.
The Reddit IPO is priced at 34 per share, valuing the social media company at about $6.4 billion as it prepares to begin trading on the NYSE.
(Reuters) -Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, raising $748 million and giving the ailing technology IPO market a much-needed boost. Reddit and its existing shareholders sold 22 million shares at $34 a share, giving Reddit a valuation of about $6.4 billion. To tap retail investors, Reddit reserved 8% of the total shares on offer for eligible users and moderators on its platform, certain board...
Reddit and its bankers are guiding that they could price the social media platform's initial public offering (IPO) at the top of the indicated range or above, according to a source familiar with the matter. The San Francisco, California-based company is seeking a valuation of $6.5 billion in the IPO and had indicated it would sell shares at a price between $31 and $34 each. If priced at the top end of that range, the IPO would fetch $748 million for Reddit and its selling shareholders.
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Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion