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Reddit (RDDT) reportedly prices IPO at $34/share valuing company over $6 billion

One of the most anticipated IPOs of 2024 has reportedly been priced. Find out more details about the Reddit IPO here.

Asif Khan

March 20, 2024 3:15 PM

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Reddit, the online forum juggernaut, has reportedly priced its IPO at $34/share. This would value the company over $6 billion and is on the high side of the expected IPO pricing range. 

Reddit will trade under the symbol RDDT when it lists on the stock market. The expected IPO prices for the company are lower than the last round of funding in 2021 which had Reddit valued at $10 billion. The company generated revenues of $804 million in 2023, with a full year net loss of $90 million. That was an improvement from the 2022 full year loss of $158 million, but it does call the IPO valuation into question. Potential investors should consider that Reddit is seeing revenue growth up 20% in 2023, and the company is already working to cut costs ahead of going public.

Reddit's S1 filing with the SEC discloses that the company had 73.1 million Daily Active Users in December 2023, which really highlights just how much smaller the platform is when compared to social media giant Facebook and even Twitter (currently known as X).

Are you buying into the Reddit IPO hype or are you downvoting this IPO's valuation? Let us know in the comments section below and keep it locked on Shacknews for all the Reddit news you can handle.

Asif Khan

CEO/EIC/EIEIO

Asif Khan is the CEO, EIC, and majority shareholder of Shacknews. He began his career in video game journalism as a freelancer in 2001 for Tendobox.com. Asif is a CPA and was formerly an investment adviser representative. After much success in his own personal investments, he retired from his day job in financial services and is currently focused on new private investments. His favorite PC game of all time is Duke Nukem 3D, and he is an unapologetic fan of most things Nintendo. Asif first frequented the Shack when it was sCary's Shugashack to find all things Quake. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Asif also has an irrational love of Cleveland sports.