05:50 AM EDT, 03/18/2024 (MT Newswires) -- Reddit's initial public offering is four or five times oversubscribed, making it likely that it will attain the $6.5 billion valuation it is seeking, Reuters reported on Sunday, citing unnamed people familiar with the matter.

The sources told the news outlet that the company will likely reach its target price range of $31 to $34 per share when it prices the IPO on Wednesday. The company is seeking to raise as much as $748 million in the IPO, Reuters reported.

The company is expected to trade on the New York Stock Exchange under the ticker symbol, "RDDT," according to the news outlet.

Reddit did not immediately reply to MT Newswires' request for comment.

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