Here’s how Reddit plans to price shares when it goes public
CNN
Reddit on Monday said it expects to price shares between $31 and $34 each when it makes its long-anticipated initial public offering, which will make it the first social media company to go public in years.
Reddit on Monday said it expects to price shares between $31 and $34 each when it makes its long-anticipated initial public offering, which will make it the first social media company to go public in years. The announcement gives potential investors — including some Reddit users — additional information to evaluate if they want to buy stock in an IPO that will allow more retail investors than usual to participate because of its unusual structure. Reddit, along with some existing stockholders, plans to offer 22 million shares of the company’s Class A stock, meaning the IPO could raise as much as $748 million from those shares, according to an updated prospectus. The company officially announced its IPO last month. Reddit itself expects to earn approximately $450 million in proceeds from the IPO, if shares are priced at the midpoint of its expected range. The company said it will use the funds for general purposes such as operating expenses, and potentially to license, acquire or invest in new technologies, assets or intellectual property. Overall, Reddit is seeking a $6.4 billion valuation with the IPO. That’s less than the $10 billion valuation that Reddit targeted when it announced its last funding round in 2021. Some investors believe Reddit’s listing could be a bellwether for the larger IPO market, which has been in a slump, with Wall Street hoping for a blockbuster listing that could revive dealmaking. And it could signal the current appetite among investors to buy shares in an unprofitable company after Reddit said last month it has not turned a profit in its nearly 19-year history.
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