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Reddit’s IPO as much as five times oversubscribed

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The oversubscription means the company is poised to at least reach its targeted price range of $31 to $34 per share in its IPO in New York on Wednesday

Reddit’s initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks.

Reddit has already curbed its valuation expectations after it was valued in a $10 billion private fundraising round in 2021. The company’s IPO is currently seeking to raise as much as $748 million. Moderators can decide to withdraw from their duty at any time, as in 2023, when several quit in protest over Reddit’s decision to charge third-party app developers for access to its data.

 

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