Reddit seeks $1.1b IPO

The news: Social media platform Reddit is seeking to raise up to USD748 million ($1.1 billion) in what would be one of the biggest initial public offerings so far this year.

The numbers: The social media platform is planning a sale of 22 million shares for USD31 to USD34 each, unnamed sources told Bloomberg. Reddit is reportedly setting aside about 1.76 million shares in the IPO to be bought by users and moderators who created accounts before 1 January, which the owners will be able to sell from the opening day of trading.

The company was seeking a valuation of as much as USD6.5 billion in the listing. When Reddit initially filed for its US IPO in late 2021, it was fresh off a funding round that valued the company at USD10 billion.

The context: Reddit filed paperwork with the Securities and Exchange Commission for an IPO in the US last month, but has not yet publicly disclosed the pricing of its share sale. Its market debut, expected later this month, will represent the first major tech IPO this year and also the first social media listing since Pinterest went public in 2019.