Details on Reddit's initial public offering scheduled for Thursday have swirled in recent days, along with speculation — but, as the company is guided to a final position for the deal by shareholders and investment banks, the IPO is expected to be at the top of the target range, according to multiple reports.
The company will be listed under the ticker symbol "RDDT." The target range is between $31 to $34 per share ahead of going public on the New York Stock Exchange.
Reddit has reserved 8% of the total shares for retail investors. Those eligible include friends and family members of employees and directors, moderators, eligible platform users and some board members, Reuters reported.
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The tech companies claim their platforms are merely message boards and are therefore protected by the Communications Decency Act.
The site, which was launched in 2005, boasts some 73 million daily active users and around 267 million weekly active users, and makes over 100,000 active forum boards or "subreddits" available for conversations and discussions.
Mashable Sr. Technology Reporter Matt Binder said that while the site has had to evolve somewhat over the years to keep up with the times, it has tried to remain true to its original self. Some users worry it will change dramatically after the IPO.
Binder said, "The community has now felt that [Reddit CEO Steve Huffman] has now turned his back on them, based on recent changes to Reddit. For example last year, Huffman was apparently inspired by Elon Musk's changes to Twitter or X, that the community on Reddit wasn't a fan of."
The company made a profit of more than $18 million in the October-December 2023 quarter, driven mostly by advertising.
This will be Reddit's second attempt at going public after the company filed for an IPO in December 2021.
