Reddit aiming for $6.5bn valuation from New York flotation
by Jane Croft and Nick Robins-Early from Technology | The Guardian on (#6K8GZ)
Company plans to raise up to $748m from sale of 22m shares, some of which have been set aside for users
The social media network Reddit has revealed that it is seeking a valuation of about $6.5bn (5bn) at its imminent flotation on the New York Stock Exchange.
The company said in a corporate filing with the US Securities and Exchange Commission on Monday that it planned to raise up to $748m by selling 22m shares valued at between $31 and $34 each in the largest initial public offering of a social media network in four years.
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