Reddit hopes to raise $748 million in its initial public offering and receive a valuation of $6.5 billion, Bloomberg has found. The company and investors intend to sell 22 million shares at prices ranging from $31 to $34. The IPO of the social network Reddit should take place in March 2024.
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The social network Reddit plans to raise around $748 million in its initial public offering, which is scheduled for March. Bloomberg writes about this citing sources.
The company, together with investors, expects to sell about 22 million shares at an initial price of between $31 and $34. These circumstances will allow Reddit to receive a valuation of $6.5 billion.
Reuters reported that Reddit would go public in January 2024. It was specified that the company intends to sell up to 10% of the shares on the stock exchange.
Reddit’s plans to go public were first reported in 2020, but the IPO was repeatedly postponed.
In February, Google and Reddit signed an agreement to use content published on the social network to train AI models.
Author:
Kirill Bilyk
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.
