Reddit now looking at IPO valuation exceeding $7 billion – report
Reddit now looking at IPO valuation exceeding $7 billion – report
Reddit is aiming to raise up to $748 million as it finalizes plans for a 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 have been part of the platform before January 1, without imposing a lockup period on these shares.
Reddit has revealed significant user engagement in its IPO filings, boasting an average of 73.1 million daily active unique visitors in the last quarter. Despite its robust user base, the company reported a net loss of $91 million on $804 million in revenue for 2023, showing improvement from the previous year’s $159 million loss on $667 million in revenue.
The IPO, led by financial giants Morgan Stanley, Goldman Sachs Group Inc (NYSE:GS)., JPMorgan Chase & Co. (NYSE:JPM), and Bank of America Corp (NYSE:BAC)., aims for a listing on the New York Stock Exchange under the symbol RDDT.
