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Reddit’s IPO is approaching, as evidenced by the latest company news Deposit to the Securities and Exchange Commission (SEC), which revealed new details about what is sure to be one of the most-watched IPOs of the year. The new registration includes the number of shares to be made available and their expected price range, among other insights. Reddit previously announced the stock ticker (RDDT) and underwriters in a previous filing.
According to the latest details, Reddit will offer 22 million shares of its Class A common stock to the public; 15,276,527 of these shares will be offered by the Company directly, and the remaining 6,723,473 shares will be tendered by the Company’s existing shareholders.
Reddit also revealed that it expects the price of its Class A common stock to range between $31 and $34 per share. However, the company indicated that it would not receive any proceeds from the sale of the 6,723,473 shares on offer from its existing shareholders.
This means that Reddit expects it will raise about $473 million to $520 million for the company in its IPO. Existing shareholders are aiming for a combined profit of $208 million to $228 million.
With today’s SEC filing, here’s what we know about Reddit’s IPO so far:
- Reddit stock ticker: RDT
- stock exchange reddit: The shares will be traded on the New York Stock Exchange (NYSE).
- Number of Reddit shares available: 22 million shares of Class A common stock.
- Reddit stock price expected to go public: Between $31 and $34 per share.
Although no listing date has been set, reports indicate that the IPO will take place later this month.
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