According to Bloomberg News, Reddit is seeking to raise up to $748 million in its upcoming public debut. The company plans to offer 22 million shares priced between $31 and $34 each, potentially valuing the internet business at over $7 billion.
As part of its IPO plans, Reddit intends to allocate approximately 1.76 million shares to its users and moderators who were active on the platform before January 1, without imposing a lockup period on these shares.
Reddit’s IPO filings highlight significant user engagement, with an average of 73.1 million daily active unique visitors in the last quarter. Despite its strong user base, the company reported a net loss of $91 million on $804 million in revenue for 2023, an improvement from the previous year’s $159 million loss on $667 million in revenue.
The IPO, led by financial giants Morgan Stanley, Goldman Sachs Group Inc (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), and Bank of America Corp (NYSE:BAC), is expected to list on the New York Stock Exchange under the symbol RDDT.