Reddit’s high-profile initial public offering (IPO) in the US will likely be priced at the top end, or even above, its marketed range, reports have said.
Due to take place on Thursday, the IPO will see Reddit and its shareholders offer 22 million shares for US$31 to US$34 each.
Sources familiar with the matter, cited by Bloomberg on Wednesday, said that shares would likely be priced at the top-end of this range, or even above, though, with details expected later in the day.
At US$34, Reddit would raise US$748 million through the offering on the New York Stock Exchange.
Reddit, which hosts platforms for users to share and discuss voluntarily moderated posts, has targeted a valuation of US$6.5 billion, having previously been worth closer to US$10 billion after a private fundraising round in 2021.
This comes as the firm has faced losses every year since its launch in 2005.
That said, weekend reports suggested the placing was as much as five times oversubscribed ahead of Wednesday’s pricing details and Thursday’s offering.