06:50 AM EDT, 03/11/2024 (MT Newswires) -- Reddit (RDDT) and its investors are looking to secure up to $748 million through the social media company's planned initial public offering, Bloomberg News reported on Sunday, citing people familiar with the matter.

According to Bloomberg, 22 million shares are expected to be sold in the IPO for $31 to $34 apiece, representing a total valuation for the company of up to $6.5 billion.

Reddit reportedly allocated about 1.8 billion shares in the IPO for purchase exclusively by users and moderators who created accounts before Jan. 1.

The company didn't immediately respond to a request for comment from MT Newswires.

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