Reddit aiming to raise $748M in planned IPO, Bloomberg reports

Reddit and its investors are seeking to raise as much as $748M in what would be one of the biggest initial public offerings so far this year, Bloomberg’s Amy Or reports, citing people familiar with the matter. The social media platform plans a sale of 22M shares for $31 to $34 each, said the people. The company was seeking a valuation of as much as $6.5 billion in the listing, Bloomberg News has reported. The company is a high-profile addition to the year’s roster of newly and soon-to-be public companies, the author notes. The biggest of those listings was the $1.57B offering by Amer Sports in January. Astera Labs, a software maker focused on artificial intelligence, said in a filing Friday that it would seek up to $534M in its IPO, which will likely proceed Reddit’s.