Reddit and its bankers are guiding that they could price the social media platform's initial public offering (IPO) at the top of the indicated range or above, according to a source familiar with the matter. The San Francisco, California-based company is seeking a valuation of $6.5 billion in the IPO and had indicated it would sell shares at a price between $31 and $34 each. If priced at the top end of that range, the IPO would fetch $748 million for Reddit and its selling shareholders.

Get your shorts ready, this will be very interesting to follow. Seems like the stock will appear tomorrow already?

I fully expect a nosedive in stock price but who knows. Maybe a pump and dump.

  • stoly@lemmy.worldEnglish
    12·
    3 months ago

    They are essentially selling that percentage of the company to the public at large. Not enough for any shareholder to have any power over it, but enough for the company to get some spending money.

    • tsonfeir@lemm.ee
      English
      12·
      3 months ago

      Which would be good considering they can’t make a profit. Although, I wonder how that makes them worth anything. The intricacies of legalized gambling and money laundering escapes me.