Reddit seeks up to US$6.5 billion valuation in IPO, source says

Media platform Reddit is eyeing a valuation of up to US$6.5 billion in its initial public offering, two of us with the topic urged Reuters on Friday (Mar 1), far not up to what it modified into price about a years ago.

The firm is calling to connect a attach vary of US$31 to US$34 per fragment, the sources acknowledged.

Reddit declined a Reuters demand for commentary.

A pair of of the shares sold in the IPO will almost definitely be unique shares issued by Reddit, and some will almost definitely be existing shares held by its traders and workers, one of the most sources acknowledged.

Reddit modified into valued at US$10 billion in a funding spherical in 2021. The firm had been in the hunt for to promote about 10 per cent of its shares in the IPO, Reuters reported in January.

The firm, absolute top identified for its area of interest dialogue groups and its users voting “up” or “down” on the boom posted by other people, remaining month disclosed that its catch loss narrowed to US$90.8 million and earnings convey modified into roughly 21 per cent in 2023.

Reddit’s IPO submitting modified into made public remaining week, almost two decades after Reddit’s originate and would be a considerable test for the platform that also lags in the encourage of the business success of social media contemporaries similar to Facebook and Twitter, now identified as X.