Reddit IPO on Horizon
Reddit is closing in on a stock offering that could rank among the biggest U.S. IPOs so far this year.
Here are some key facts about the social media company’s planned initial public offering.
Reddit has set a price range of $31 to $34 a share. The stock is expected to start trading later this month.
The stock sale, which includes both new and existing shares, would raise $748 million at the top of that range.
- The stock is set to trade on the New York Stock Exchange using the symbol “RDDT.”
- It has earmarked some shares for loyal Redditors.
- Reddit would be valued at up to $6.4 billion—down from a $10 billion private valuation in 2021.
For comparison, Facebook parent Meta Platforms is worth nearly $1.3 trillion. Pinterest and Snap each have market caps of more than $20 billion, S&P Global Market Intelligence data shows.
There have only been two $750 million-plus IPOs in the U.S. so far this year, Dealogic data shows. The largest, for Amer Sports, raised about $1.57 billion.
As the home of the WallStreetBets message board, Reddit was a key player in the meme-stock frenzy that blew up in 2021.
The Reddit offering includes a so-called greenshoe option, as is common for IPOs. If this is exercised due to strong demand, the deal’s final size could be increased by up to 15%
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