Reddit plans to raise up to $748 million as it finalizes plans for its public debut, according to Bloomberg News. The company plans to offer 22 million shares priced between $31 and $34 each.
Reddit’s IPO could value the internet business at more than $7 billion.
Reddit intends to reserve approximately 1.76 million shares for its users and moderators who were part of the platform before January 1, without imposing a lock-up period on those shares.
Reddit has seen significant user activity in its IPO filings, averaging 73.1 million daily active unique visitors in the most recent quarter. Despite its large user base, the company reported a net loss of $91 million on revenue of $804 million for 2023, an improvement from the prior year’s $159 million loss on revenue of $667 million.
IPO led by financial giant Morgan Stanley Goldman Sachs Group Inc (NYSE:)., JPMorgan Chase & Co. (NYSE:) and Bank of America Corp (NYSE:). are seeking listing on the New York Stock Exchange under the symbol RDDT.