Reddit aims to raise $748M in planned IPO

By Reuters   March 10, 2024 | 07:46 pm PT
Reddit aims to raise $748M in planned IPO
Reddit logo is seen on a phone screen. Illustration photo by Pixabay
Media platform Reddit and its investors are seeking to raise as much as $748 million in its initial public offering, Bloomberg News reported on Sunday.

The company is planning a sale of 22 million shares at $31-$34 per share, Bloomberg reported, citing people familiar with the matter.

The company plans to allocate approximately 1.76 million shares in its Initial Public Offering (IPO) for purchase by users and moderators who had established accounts prior to January 1st, according to Reddit's filing with the U.S. Securities and Exchange Commission in February.

Unlike typical shares, these will not be subjected to a lock-up period, permitting the shareholders to trade them on the first day of trading.

go to top