Reddit is targeting a $6.5 billion valuation in its forthcoming initial public offering , the social media platform revealed Monday. The company, along with some of its investors, plans to raise up to $748 million in its public debut with the sale of roughly 22 million shares priced between $31 and $34 each, Reddit said in a Securities and Exchange Commission filing.
Since then, reports have speculated Reddit would target its valuation anywhere from $5 billion to $15 billion. Founded in 2005 by web developer Steve Huffman and entrepreneur Alexis Ohanian, husband of tennis champion Serena Williams, Reddit has been backed by several marquee investors, from venture capital giant Andreessen Horowitz to China's tech behemoth, Tencent Holdings.
The platform has been a cornerstone of social media culture with a cult following of devoted users, but the online discussion board has lagged behind the success of contemporaries such as Facebook and X. The company has never turned a profit, and said in its filing earlier that it was "in the early stages of monetizing business". Reddit had an average of 73.1 million daily active "uniques" – users who use its platform at least once a day – in the three months ended Dec.
Source: News Formal (newsformal.com)
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