The oversubscription means the company is poised to at least reach its targeted price range of $31 to $34 per share in its IPO in New York on Wednesday
Reddit’s initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks.
Reddit has already curbed its valuation expectations after it was valued in a $10 billion private fundraising round in 2021. The company’s IPO is currently seeking to raise as much as $748 million. Moderators can decide to withdraw from their duty at any time, as in 2023, when several quit in protest over Reddit’s decision to charge third-party app developers for access to its data.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Aramco Raises Payout to $31 Billion in Boost for Saudi BudgetAramco raised its dividend to investors and Saudi Arabia’s government despite a retreat in energy prices and lower production, a boon for the kingdom as it faces a widening budget deficit.
Read more »
Aramco Raises Payout to $31 Billion in Boon for Saudi Budget(Bloomberg) -- Aramco raised its dividend despite a retreat in energy prices and lower production, a boost for Saudi Arabia as it faces a widening budget...
Read more »
Exclusive-Reddit's IPO as much as five times oversubscribed, sources sayReddit's initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more...
Read more »
Reddit’s IPO as Much as Five Times Oversubscribed, Reuters SaysReddit Inc.’s initial public offering is between four and five times oversubscribed, Reuters reported, citing people familiar with the matter.
Read more »
Sexy Tea Is Said to Pick CICC, Morgan Stanley for Hong Kong IPOHunan Chayue Cultural Industry Development Group Ltd., also known as Sexy Tea, has selected banks for a Hong Kong initial public offering, which could take place as soon as this year, according to people familiar with the matter.
Read more »
Payments Startup Zilch Expects to Be Profitable in Months, Seeks IPO Next YearZilch Technology Ltd. is close to becoming profitable and is looking to pursue an initial public offering next year, according to its Chief Executive Officer Philip Belamant.
Read more »