Thousands of members of the WallStreetBets forum have discussed shorting the company, per Bloomberg.
Reddit is aiming for a valuation of up to $6.5 billion in its upcoming initial public offering, according to sources familiar with the matter.
Thousands of members of the WallStreetBets forum have discussed shorting the Reddit IPO
3/5/2024
The social media platform intends to set a price range of $31 to $34 per share for its IPO, said the sources, who asked not to be named because the details are private. At this range, Reddit's fully diluted value would be approximately $6 billion to $6.5 billion. The company plans to start marketing the shares to potential investors on March 11.
Some employees will also be allowed to sell stock in the IPO, the sources added. Reddit had previously announced that it would reserve shares in the IPO for purchase by its users and moderators.
Details of the offering, including the size and timing, could still change, according to the sources. The IPO is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co., and Bank of America Corp., as per filings with the US Securities and Exchange Commission.
Representatives for these banks declined to comment. The Wall Street Journal first reported details such as the price range and valuation.
Reddit, headquartered in San Francisco, is among this year's prominent companies set to go public, following a slowdown in IPOs on US exchanges over the past two years.
The largest IPO so far this year was the $1.57 billion offering by Amer Sports Inc. in January. Other potential IPO candidates include Microsoft Corp.-backed data security startup Rubrik Inc. and healthcare payments company Waystar Technologies Inc.
Reddit had been considering feedback from initial meetings with potential IPO investors suggesting it should aim for a valuation of at least $5 billion, Bloomberg News reported in January. Earlier reports from sources familiar with the matter had indicated the company was targeting a valuation in the mid-single-digit billions.
These potential valuations represent a significant step back from the levels seen during the peak of the tech industry's growth amid the pandemic. In 2021, Reddit raised funds at a valuation of $10 billion, and there were reports the following year suggesting it could have been valued as high as $15 billion in an IPO.
The company plans for its shares to trade on the New York Stock Exchange under the symbol RDDT.
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