Social media site Reddit plans a $750 million IPO
Newsy
Reddit told regulators it expects the price of its shares to range from $31 to $34. Shares will be traded on the New York Stock Exchange.
Social media company Reddit told regulators it hopes to raise some $750 million when it makes its upcoming initial public offering.
In a filing with the Securities and Exchange Commission, Reddit told regulators it will offer 22 million shares of Class A common stock. It expects the price of the stock to range from $31 to $34 per share.
Reddit said it would use the funds it raised for general and tax purposes and possibly to fund acquisitions.
Reddit saw an average of more than 76 million people visiting the site every day last December, the company said. It said it has more than 100 million unique "subreddit" communities, where users post content and discussions about shared interests.
The company made a profit of more than $18 million in the October-December quarter, driven mostly by advertising.
