The social media company plans to offer 22 million shares priced between US$31 and US$34 each, according to a U.S. Securities and Exchange Commission filing on Monday. The stock will trade on the New York Stock Exchange under the symbol RDDT. (The Logic)
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The social media company plans to offer 22 million shares priced between US$31 and US$34 each, according to a U.S. Securities and Exchange Commission filing on Monday. The stock will trade on the New York Stock Exchange under the symbol RDDT. (The Logic)
Talking point: The upper end of the price range would give Reddit a fully diluted market capitalization of nearly US$6.5 billion. That falls below its last known valuation of US$10 billion following a 2021 fundraising round. Reddit will be the first U.S. social media company to go public since Pinterest in 2019 and one of a few major new tech listings amid a near freeze for IPOs recently. Arm, Klaviyo and Instacart’s debuts, which had been expected to revive the IPO market, have mostly been a disappointment. The unique structure of Reddit’s listing could make it a volatile offering; the firm will offer eight per cent of its stock to some 75,000 Redditors through a special program that will allow them to sell at any time.
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