On this photograph illustration, the Reddit brand is displayed on a mobile phone and pc monitor on February 13, 2024 in Los Angeles, California.
Mario Tama | Getty Photographs
Reddit is looking for a valuation of as much as $6.5 billion in its upcoming IPO, in keeping with an individual conversant in the matter.
The corporate plans to cost its IPO between $31 to $34 a share, the particular person mentioned. The Wall Road Journal was first to report on the anticipated vary and valuation.
Reddit filed to go public in February and plans to commerce on the New York Inventory Trade beneath ticker image RDDT.
Workers will likely be allowed to promote Reddit inventory in the course of the providing, the supply added. Reddit had a personal market valuation of $10 billion when it final raised a funding spherical of $1.3 billion in 2021, in keeping with PitchBook.
In 2021, Reddit filed a confidential draft of its public providing prospectus with the Securities and Trade Fee in December 2021.
The corporate introduced in $804 million in annual income for 2023, representing a 20% year-over-year enhance from $666.7 million, in keeping with its newest IPO prospectus. The corporate introduced in $804 million in annual income for 2023, representing a 20% year-over-year enhance from $666.7 million. Its internet loss narrowed to $90.8 million for 2023 from $158.6 million the yr prior.
On the prime quality, Sam Altman’s shares within the firm can be value over $400 million. Altman has invested a minimum of $60 million in Reddit shares.
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