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
eDreams takes Prime travel subscription to full scale in Poland
eDreams ODIGEO has moved its Prime travel subscription into full scale expansion in Poland, adding another market to a rollout...
British start-up to help America build nuclear-powered cargo ships
A British start-up based on a west London trading estate is to help the American government build a fleet of...
Russia and China expand trade via Arctic sea route
Beijing has pledged to deepen shipping cooperation with Moscow as part of its “Ice Silk Road” initiative Russia and China...
Still Using Spreadsheets, Not MTD Software? Why They Could Become Your Biggest Risk
For years, spreadsheets have been the backbone of small business bookkeeping. And it’s easy to see why, because they’re cheap,...
Honnas Veterinary: When Career Values Shape a Business
The character of a business often shows up in small decisions. Who does it want to serve? What should customers...
HMRC checks 45 million PAYE accounts as P800 letters go out
HMRC is reviewing around 45 million PAYE accounts to identify people who have paid too much or too little income...
