Reddit prices IPO at US$34 per share as NYSE listing nears
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The news: Reddit is poised to debut on the stock market with a market value of USD6.4 billion ($9.7 billion), after the social media platform's initial public offering was priced at USD34 per share.
The numbers: The price was announced late on Wednesday EDT, coming in at the top end of the company's target range of USD31 to USD34 per share.
The IPO raised about USD519 million, before commissions and fees are deducted, and bankers now have a 30-day window to sell another 3.3 million shares that could raise an extra USD112 million, according to reports by the Associated Press.
Reddit, founded in 2005, has set aside up to 1.76 million of the 15.3 million shares offered in the IPO for existing users of its platform.
The context: Reddit shares are expected to begin trading on Thursday EDT on the New York Stock Exchange under the ticker "RDDT". Earlier this week, it was reported that its IPO was Reddit's between four and five times oversubscribed.
The sources: Associated Press, Reddit
