The social network Reddit was valued at $5 billion before its initial public offering (IPO). Company representatives consider this amount after the first meetings with potential investors.
The listing of shares on the stock market is scheduled for March, but the timing may change. The final amount will depend on the recovery of the IPO market, Bloomberg writes.
According to Reuters, Reddit plans to sell 10% of its shares. In 2021, the social network was valued at $10 billion and the current share price will be determined closer to the listing date, the publication clarifies.
Reddit’s IPO will be the first time a major social network has gone public since Pinterest’s IPO in 2019.
Author:
Karina Pardaeva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
