Reddit Eyes $748M in Upcoming IPO, Setting Share Price Range at $31-$34

👉 Key Highlights:
📍 Reddit Inc. plans to raise up to $748 million in its IPO, aiming for a valuation of up to $6.5 billion.
📍 The company is offering 22 million shares at a price range of $31 to $34 each.
📍 About 1.76 million shares reserved for early users and moderators, with no lockup period.
📍 Morgan Stanley, Goldman Sachs, JPMorgan, and Bank of America are leading the IPO.
📍 Shares to be listed on the New York Stock Exchange under the symbol RDDT.
📍 Reddit reported a net loss of $91 million on $804 million revenue in 2023.
📍 Advance Magazine Publishers Inc., part of the Newhouse family's empire, is Reddit's largest shareholder.

👉 Context/Background:
📍 Reddit's journey to the public market reflects broader market trends and investor sentiments towards tech IPOs.

👉 Why This Matters:
📍 As one of the year's most anticipated IPOs, Reddit's debut could set the tone for other tech and social media companies considering going public.