Home Tech News Reddit looking for a valuation of as much as $6.5 billion in IPO

Reddit looking for a valuation of as much as $6.5 billion in IPO

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Reddit looking for a valuation of as much as $6.5 billion in IPO

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On this picture illustration, the Reddit emblem is displayed on a cellular phone and pc monitor on February 13, 2024 in Los Angeles, California. 

Mario Tama | Getty Pictures

Reddit is looking for a valuation of as much as $6.5 billion in its upcoming IPO, in accordance with an individual aware of the matter.

The corporate plans to cost its IPO between $31 to $34 a share, the individual stated. The Wall Avenue Journal was first to report on the anticipated vary and valuation.

Reddit filed to go public in February and plans to commerce on the New York Inventory Trade underneath ticker image RDDT.

Staff might be allowed to promote Reddit inventory in the course of the providing, the supply added. Reddit had a non-public market valuation of $10 billion when it final raised a funding spherical of $1.3 billion in 2021, in accordance with PitchBook.

In 2021, Reddit filed a confidential draft of its public providing prospectus with the Securities and Trade Fee in December 2021.

The corporate introduced in $804 million in annual income for 2023, representing a 20% year-over-year enhance from $666.7 million, in accordance with its newest IPO prospectus. The corporate introduced in $804 million in annual income for 2023, representing a 20% year-over-year enhance from $666.7 million. Its web loss narrowed to $90.8 million for 2023 from $158.6 million the 12 months prior.

On the high quality, Sam Altman’s shares within the firm can be value over $400 million. Altman has invested at the very least $60 million in Reddit shares.

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