Reddit Is Targeting Up to $6.5 Billion Valuation in IPO

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Reddit Is Targeting Up to $6.5 Billion Valuation in IPO

Bloomberg03-04

Social media platform plans price range of $31 to $34 a shareReddit, underwriters expect to begin marketing shares March 11The social media company plans to target a price range of $31 to $34 per ...

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The company plans to being marketing the shares to potential investors on March 11, they added.Reddit is also planning to let some employees sell stock in the IPO, according to the people. The company had already disclosed that it will set aside shares in the IPO to be bought by users and moderators of its platform.Details of the offering including the size and timing could change, the people added. The IPO is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp., according to its filings with the US Securities and Exchange Commission.Representatives for those banks declined to comment. 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