Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share Wednesday raising $748 million and giving the IPO market a much-needed boost.
Social media platform Reddit, priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, raising $748 million and giving the ailing technology IPO market a much-needed boost.
The IPO priced 22 million shares sold by the company and its existing shareholders at $34 a share, giving Reddit a valuation of about $6.4 billion.
Excluding the shares sold by existing shareholders, Reddit raised gross proceeds of $519.
