Reddit prices IPO at top of indicated range to raise $748 million
NY Post
Social media platform Reddit, priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, raising $748 million and giving the ailing technology IPO market a much-needed boost.
The IPO priced 22 million shares sold by the company and its existing shareholders at $34 a share, giving Reddit a valuation of about $6.4 billion.
Excluding the shares sold by existing shareholders, Reddit raised gross proceeds of $519.4 million.
Reuters reported earlier on Wednesday that Reddit and its bankers were guiding they could price the IPO at the top of the indicated range or above.
The pricing of the IPO at the top of the range is a vindication of the company’s decision to lower its valuation expectations, after it was valued at $10 billion in a private fundraising round in 2021.
The successful offerings of Reddit and Astera Labs, could boost the lackluster tech IPO market after two years of largely subdued activity.
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