Reddit prices IPO at top of indicated range, sources say

Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, according to people familiar with the matter. The IPO priced at $34 a share, raising $748 million based on 22 million shares sold by the company and its existing shareholders.

Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, according to people familiar with the matter.

The IPO priced at $34 a share, raising $748 million based on 22 million shares sold by the company and its existing shareholders. This infers a valuation of about $6.4 billion on Reddit. The sources requested anonymity because the matter is confidential. Reddit did not immediately respond to a request for comment.

Also Read: BRIEF-Reddit Receives FTC Inquiry Letter