Reddit wants to raise approximately $750 million through an IPO

Reddit plans to raise $750 million through an IPO of its Class A common stock, with 22 million shares offered by the platform and 6.7 million by selling stockholders.

The social networking site Reddit intends to raise around $750 million by going public with its common stock. The company announced in a regulatory filing that the IPO will contain 22 million shares of Class A common stock. Reddit is offering roughly 15.3 million shares, and the selling stockholders are offering roughly 6.7 million shares.

Reddit claims that the price per share for the IPO would range from $31 to $34. Reddit intends to use the $451 million it would have raised by then for taxes, acquisitions, and ongoing operating expenses. Through a directed share program, the San Francisco-based firm announced that up to 1.76 million shares have been put aside by the financiers for sale at the IPO price to certain members of the board, close relatives and friends of specific officials and workers, as well as qualifying users and platform contributors. The request to do this came from the firm.

The underwriters were also given the opportunity to buy an extra 3.3 million shares to meet any remaining obligations. Co-founder Steve Huffman's declaration, which was part of the petition, said that Reddit, which debuted in 2005, had over 76 million daily visitors in December. There are roughly 100 million different subreddits on it.