Reddit (RDDT) and its selling shareholders raised $748 million, pricing shares in an initial public offering at the top of the market range, Bloomberg reported Wednesday, citing people familiar with the matter.
According to the report, the online forum was worth 22 million shares at $34 each, at the top of the marketed range of $31 to $34.
Last week, Reuters reported that the forum site’s IPO was oversubscribed four to five times. Demand for the stock will likely help the social media platform reach its target of a $6.5 billion valuation.
Founded by Alexis Ohanian and Steve Huffman, Reddit (RDDT) had lowered its expectations after being valued at $10 billion in a private fundraising round in 2021.
Reddit (RDDT) was acquired by Condé Nast in 2006 and became an independent company in 2011. The company said in December that it had confidentially filed for an IPO with U.S. regulators.