Reddit Plans $748M IPO with $6.5B Valuation 🚀

Reddit is preparing for its initial public offering with the goal of raising $748 million, targeting a company valuation of around $6.5 billion. The company plans to sell about 22 million shares priced between $31 to $34 per share. The company has allocated about 1.76 million shares for early users and moderators, who will have the unique opportunity to buy and sell their shares immediately upon the company going public, without the usual six-month lock-up period. Reddit's annual sales 2023 were $804 million, up 20% from 2022.