Reddit has filed for an IPO to prepare for its entry into the stock market, aiming to raise a maximum of $748 million by selling 22 million shares at a price range of $31-34 per share. This figure aligns with previous reports.
The IPO shares offered by Reddit will consist of approximately 1.76 million shares specifically allocated to Reddit users and moderators in the form of Redditor-focused offerings. Investors in this group will not be subject to a lock-up period on the first day of trading. This method of share allocation to users has been previously implemented in stocks like Rivian and Airbnb.
Reddit’s shares will trade on the New York Stock Exchange under the ticker symbol RDDT. This is significant as Reddit will be the first social media company to enter the stock market since 2019 (Pinterest).
Source: CNBC
TLDR: Reddit is gearing up for its IPO to raise $748 million by selling 22 million shares at $31-34 per share, with a portion of shares allocated for Reddit users and moderators. This move marks Reddit as the first social media company to enter the stock market since 2019.
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