Update 6:15 PM: Changes source, adds details
Reddit (RDDT) said on Wednesday it had priced its initial public offering of 22 million shares at $34/share, raising proceeds of $748 million.
Out of 22 million class A common shares, ~15.3 million shares are being sold by the online forum and ~6.7 million shares are being sold by certain selling stockholders.
Last week, Reuters had reported that the message board site’s IPO was between four and five times oversubscribed.
Reddit’s (RDDT) shares will begin trading on the New York Stock Exchange on March 21, under the ticker symbol “RDDT.”
Morgan Stanley, Goldman Sachs, J.P. Morgan, and BofA Securities are acting as lead book-running managers for the offering.
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 with U.S. regulators to conduct an IPO.
