Reddit Launches Long-Awaited IPO With $748 Million Target
- Company, executives, employees to sell shares in IPO
- Reddit to reserve 8% of stock for moderators, board members
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Reddit Inc. disclosed further details of what is set to be one of the year’s biggest initial public offerings, with the company and some existing shareholders seeking to raise as much as $748 million.
Reddit and the holders are planning to sell 22 million shares for $31 to $34 each, the social media platform said in a filing Monday. About 15.3 million those shares will be sold by the company and the rest by the investors, who are Reddit employees.