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Reddit has set aside about 1.76 million shares for its “Redditors,” the users and moderates that run over 100,000 forums on its website.

Reddit has put aside about 1.76 million shares for its “Redditors,” the customers and moderates that run over 100,000 boards on its web site.
Picture: Reddit

Reddit, the social media platform finest recognized for internet hosting more than 100,000 forums, is seeking to increase as much as $748 million in its preliminary public providing (IPO), valuing the corporate at as a lot as $6.5 billion. The corporate will supply 22 million shares at between $31 and $34 per share, in line with a new regulatory filing.

The IPO would increase between $682 million and $748 million underneath these phrases, with a market capitalization of between $4.9 billion and $5.4 billion.

Reddit has put aside about 1.76 million shares for customers and moderators on its platform, known as Redditors, who created their accounts earlier than Jan. 1 and need to take part within the IPO. In its submitting, the corporate warned Redditors that their participation in the IPO “may lead to elevated volatility available in the market value” of its Class A standard inventory.

Learn extra: Reddit is afraid that a subreddit could wreak havoc on its IPO

Reddit filed its IPO prospectus with the U.S. Securities and Trade Fee final month. If the corporate follows by way of on its plans, it’s going to debut on the New York Inventory Trade and commerce underneath the ticker image “RDDT.” It’s anticipated that Reddit will go public sometime this month.

It can even be the primary social media firm to go public since Pinterest did so in 2019 with a $12.7 billion valuation.

Reddit first filed to go public by way of a confidential public providing prospectus in late 2021, when it had been valued at about $10 billion.

Reddit recorded annual gross sales of $804 million in 2023, up from $666.7 million in 2022, in line with a regulatory submitting. The corporate additionally famous a web lack of $90.8 million, a narrower loss than its $158.6 million web loss in 2022.

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