Social media company is likely to attain the $6.5-billion valuation it seeks
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.
The sources said the marketing of the IPO was continuing and asked not to be identified because the details are confidential. A Reddit spokesperson did not immediately respond to a request for comment. Despite the loyalty of many of its users, Reddit has lost money every year since its launch in 2005 and has lagged the commercial success of contemporaries such as Meta Platforms’ Facebook and Twitter, now known as X.
The company’s influential communities are best known for the “meme-stock” saga of 2021 when several retail investors collaborated on Reddit’s “wallstreetbets” forum to buy shares of highly shorted companies such as video game retailer GameStop.
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