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Reddit Completes 25.3M Share IPO

AuthorVlad Schepkov
Published 03/26/2024, 06:16 AM
Updated 03/26/2024, 06:05 AM
© Reuters. Reddit (RDDT) Completes 25.3M Share IPO

On March 25, 2024, Reddit (RDDT) completed its initial public offering of an aggregate of 25,300,000 shares of Class A Common Stock, par value $0.0001 per share (the “Class A Common Stock”), at a price to the public of $34.00 per share, 18,576,527 of which shares were sold by the Company and 6,723,473 of which shares were sold by certain selling stockholders, which includes the exercise in full by the underwriters of their option to purchase from the Company an additional 3,300,000 shares of Class A Common Stock. The gross proceeds to the Company from the initial public offering were $631,601,918.00, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company did not receive any proceeds from the sale of shares of Class A Common Stock in the offering by the selling stockholders.

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