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Reddit Aims For Valuation Up To $6.4B In IPO, Pricing Shares At $31 To $34
Reddit is targeting a valuation of up to $6.4 billion as it gets for its initial public offering later this month.
Advance Magazine Publishers, the owner of Condé Nast controlled by the Newhouse Family, is set to have a 26.5% stake in the company, while China’s Tencent will have 9.7% and OpenAI CEO Sam Altman 7.6%. The IPO is set to happen later this month, with the company already having filed for a listing on the New York Stock Exchange under the ticker symbol RDDT. Our users have a deep sense of ownership over the communities they create on Reddit,” CEO Steve Huffman wrote in a letter included in Monday’s filing.
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