SAN FRANCISCO — Reddit will enter a new era as a publicly traded company with a market value of $6.4 billion after the social media platform's initial public offering was priced at $34 per share.
And then there is this problem: Reddit has never profited from its broad reach, while piling up cumulative losses of $717 million. That number has swollen from cumulative losses of $467 million in December 2021, when the company first filed papers to go public before aborting that attempt. The IPO raised about $519 million for the San Francisco-based company, but the company won’t receive all that money because it still has to pay amount commissions and other costs associated with the offering. Bankers still have a 30-day window to sell another 3.3 million shares that would raise an additional $112 million before deducting commissions and fees.Reddit set aside up to 1.76 million of the 15.3 million shares being offered in the IPO for users of its platform.
France Dernières Nouvelles, France Actualités
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