Popular online platform Reddit is seeking a valuation of up to $6.5 billion as it prepares to go public through an initial public offering (IPO). This is a significant decrease from its previous valuation of $10 billion in 2021.
According to Bloomberg, the company aims for a share price between $31 and $34 in its upcoming IPO. Reddit’s valuation would be $6 billion to $6.5 billion at that price range. The company is expected to begin marketing its shares to investors soon.
Reddit’s offering details, including potential employee participation and the final size and timing, are still being finalized and subject to change. The company is collaborating with leading investment banks Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America for the IPO. Earlier reports suggested Reddit was considering a valuation somewhere in the mid-single-digit billions of dollars, potentially influenced by feedback from potential investors.
