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its initial public offering at $34 a share, which is on the high end of its targeted range and gives the company a value of about $6.4 billion, according to a press release.The valuation of $6.4 billion is lower than the $10 billion Reddit was valued at after a round of funding in 2021,to the company—though setting the price at the high end of its range is perceived as a positive sign.
Reddit is set to debut Thursday on the New York Stock Exchange under the ticker “RDDT” and the company said in a filing Tuesday it would offer 22 million shares of its Class A common stock at an expected IPO price per share between $31 and $34. About 15 million of the shares sold in the offering were from Reddit, and existing shareholders sold the other nearly 7 million.
About 8% of shares were set aside for “eligible Reddit users and moderators, certain members of our board of directors; and friends and family members of certain of our employees and directors,” according to Tuesday’s filing. The price of the IPO will benefit Reddit’s largest shareholders, including co-founder Steve Huffman—who has a 3.3% stake in the company,to the New York Times—Conde Nast’s parent company Advance Magazine Publishers and Tencent Cloud Europe, according to Reddit’s TuesdayReddit originally planned to go public in 2021—the year it received its $10 billion valuation—but that plan was shelved after Huffmanit was “not the best market to be doing that.
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