New York Stock Exchange President Lynn Martin shares her outlook for 2024 on IPOs, mergers and acquisitions, stock valuations, and the Fed’s trajectory.
Reddit is targeting a valuation of $6.5 billion in its upcoming initial public offering (IPO), the social media platform said on Monday.
The company said in a filing with the Securities and Exchange Commission (SEC) that it plans to sell about 22 million shares at prices between $31 and $34 per share, raising up to $748 million in its public debut. .
Reddit aims for $6.5 billion valuation in this month’s IPO (Photo by: Ahmet Serdar Ecel/Anadolu via Getty Images/Getty Images)
After secretly filing for an IPO in 2021, Reddit plans to list on the New York Stock Exchange this month under the ticker RDDT. A funding round completed that year valued the company at about $10 billion.
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Since then, reports have speculated that Reddit may set its valuation in the range of $5 billion to $15 billion.
This photo illustration shows the Reddit logo on the Apple App Store. (Photo illustration: Sheldon Cooper/SOPA Images/LightRocket, Getty Images / Getty Images)
It was founded in 2005 by web developer Steve Huffman and his tennis champion husband, entrepreneur Alexis Ohanian. serena williamsReddit is backed by several big-name investors, from venture capital giant Andreessen Horowitz to Chinese tech giant Tencent Holdings.
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Although the platform has become a cornerstone of social media culture with a cult following of dedicated users, online discussion boards have lagged behind the success of contemporaries such as Facebook and X.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| Meta | Meta Platforms Co., Ltd. | 505.95 | -6.24 | -1.22% |
The company has never been profitable and said in a previous filing that it was “in the early stages of monetizing its business.”
Reddit had an average of 73.1 million daily active “uniques” (users who used the platform at least once a day) in the three months ending December 31, 2023, it said.
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The lead underwriters for this social media platform offering are Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America Securities.
FOX Business’ Eric Revell and Reuters contributed to this report.
