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Following Wednesday’s Fed meeting, the benchmark rate will remain at the 5.25-5.5 percent level.
Reddit is preparing to sell shares to the public. Here’s what you need to know
By DAVID HAMILTON (AP Business Writer)
SAN FRANCISCO (AP) — Reddit, that vast, lively and sometimes chaotic repository of internet discussion, is expected to carry a valuation up to $6.4 billion when it conducts its initial public offering on the stock market.
The offering also makes Reddit one of the first online companies to offer shares to its contributors — the “Redditors” who comment on its boards and the moderators who manage them. That’s a break with traditional IPO practice, in which initial shares are typically sold to institutional investors and fund managers who then begin trading the stock on the open market. Adding the company’s users to the mix could make for a much livelier offering, and not necessarily in a good way.
It could be an interesting ride.
WHAT ARE THE DETAILS OF THE IPO?
Reddit plans to list 22 million shares at a price between $31 and $34, according to the latest version of the IPO prospectus it filed with the Securities and Exchange Commission. The company stands to take in between $473.6 million and $519.4 million from the sale of roughly 15.3 million shares.
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