The social network Reddit is launching a long-awaited IPO with the goal of raising $748 million, writes Bloomberg with a link to data from the US Securities and Exchange Commission (SEC).
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The platform and its investors plan to sell 22 million shares at a price of $31-$34 each. About 15.3 million shares will be sold by the company, the rest by investors and employees.
Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. are leading the IPO, according to Reddit documents. and Bank of America Corp.
The company plans to trade shares on the New York Stock Exchange under the symbol RDDT.
According to the Financial Times, the IPO will value the company at $5.8-6. 4 billion, well below the $10 billion Reddit achieved at its last private valuation in 2021.
Reuters also reports that Reddit is targeting up to $6.4 billion during its initial public offering.
Reuters also reports that Reddit is targeting up to $6.4 billion during its initial public offering.
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