Pricing for the Reddit, Inc. IPO is expected to start after the market close on Wednesday ahead of the company's debut on the New York Stock Exchange on Thursday.
What To Know: According to a report from Bloomberg, Reddit and its selling shareholders are guiding that the IPO could be priced at the top end of the target range of $31 to $34 per share or higher. People familiar with the matter said deliberations are ongoing and no final decision has been made.
Reddit will offer 22 million shares in its IPO. If priced at the top of the target range, the social media platform company would raise about $748 million.
Jonathan Corpina, senior managing partner at Meridian Equity Partners, told Benzinga's PreMarket Prep this week that he does not expect Reddit's stock to begin trading on Thursday until between 11:30 a.m. and 1:00 p.m.
Corpina said the IPO is up to five times oversubscribed, and noted that he expects even more interest from retail investors when the stock opens for trading.
In an unusual move, Reddit has reserved 8% of its IPO shares, or 1.76 million shares, for Reddit "super users" and retail investors who had until March 5 to pre-register to buy shares in the listing.
According to filings with the US Securities and Exchange Commission, the IPO is being led by Morgan Stanley
