Ticker: Reddit looking to raise almost $750 million in initial public offering
Social media company Reddit is looking to raise almost $750 million in an initial public offering of its common stock.
The company said in a regulatory filing that the IPO will include 22 million shares of Class A common stock. Reddit is offering approximately 15.3 million shares, while the selling stockholders are offering about 6.7 million shares.
Reddit anticipates that the IPO will be priced between $31 and $34 per share. At the midpoint of that range Reddit would raise about $451 million, and it plans to use proceeds for general corporate purposes, taxes and possibly acquisitions.
The San Francisco-based company said that the underwriters have reserved, at its request, up to 1.76 million shares for sale at the IPO price through a directed share program to eligible users and members of its platform, certain board members and friends and family of certain employees and directors.
In documents filed with the Securities and Exchange Commission, Reddit said it reported net income of $18.5 million — its first profit in two years — in the October-December quarter on revenue of $249.8 million, primarily through advertising.
More Stories
TG Jones wins court backing to close up to 150 high street shops
The owner of TG Jones, the business carved out of WH Smith’s old high street estate, has secured High Court...
Cutting rates is ‘off the table’, Bailey warns as Iran war stokes inflation
Andrew Bailey has told business leaders that cutting interest rates is “off the table at the moment”, a clear signal...
Romesh Ranganathan ‘gutted’ as tax and cost squeeze shuts 89-year-old Coughlans Bakery
An 89-year-old family bakery has become the latest high-street casualty of Britain’s mounting cost crisis, closing its doors for good...
AlborHill Outlines Its Multi-Tiered Account Structure for Traders Approaching Markets at Different Levels
Account selection has become a bigger part of the trading decision as participants compare platforms across pricing, instruments, support, and...
Juri Sudheimer on API SQ: A New Engine Oil Standard and Its Significance for Modern Engines
Global environmental and regulatory trends aimed at reducing emissions are compelling automakers to improve fuel efficiency and lower emissions from...
The Complete Guide to Professional Carpet Cleaning for Colorado Homeowners
Colorado’s unique climate — dry summers, snowy winters, and everything in between — creates specific challenges for home carpet maintenance....
