Reddit and selling shareholders aim to raise roughly $750 million as part of the company's upcoming IPO at a valuation of almost $6.5 billion.
Reddit and selling shareholders aim to raise about $750 million as part of the company's upcoming IPO, according to a corporate filing on Monday.
Investors are closely watching Reddit's IPO, which will be this year's first major tech debut and the first social media IPO since Pinterest went public in 2019.Reddit, the social media company known for hosting web forums on topics from the mainstream to the extremely obscure, is targeting a valuation of close to $6.5 billion in its upcoming IPO.
Reddit has also set aside roughly 1.76 million shares for certain users and moderators, known as Redditors, who want to participate in the IPO and have created their user accounts before Jan. 1. The Redditors will be able to purchase those shares and then sell them on the open market as they won't be subject toits prospectus in February, and said it planned to go public on the New York Stock Exchange and trade under the ticker symbol "RDDT.
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