Reddit targets $6.4bn valuation as social media platform prepares for shares debut

The IPO is a major litmus test of investor appetite for new listings

After its launch in 2005, Reddit became one of the cornerstones of social media culture. Its iconic logo is one of the most recognised symbols on the internet.

Reddit is aiming for a valuation of up to $6.4bn (€5.9bn) in its US initial public offering (IPO) of shares, the social media platform has said, as it nears one of the most anticipated stock market debuts of the last few years.

The company, along with some of its existing investors, is targeting a sale of about 22m shares, priced between $31 and $34 each, to raise up to $748m. The IPO, a major litmus test of investor appetite for new listings, will come more than two years after the company began preparations to go public.