08:37 AM EDT, 03/21/2024 (MT Newswires) -- Reddit ( RDDT ) is preparing to make its trading debut on Thursday after the social media platform priced its public offering at the high end of its expected range.

The forum-based website and app, which was founded in 2005, is issuing a total of 22 million of class A shares at $34 apiece, it said late Wednesday. Reddit ( RDDT ) proposed to price its IPO between $31 and $34 per share, according to a filing with the Securities and Exchange Commission. The company disclosed plans in February to go public.

The shares are expected to trade under the RDDT ticker on the New York Stock Exchange, while the offering is set to close in the beginning of next week.

Reddit ( RDDT ) will sell roughly 15.3 million of the shares while certain selling stockholders will offer the remaining 6.7 million shares. Underwriters will also have a 30-day option to buy an additional 3.3 million class A shares. The company will not receive any proceeds from the sale of the shares by selling stockholders.

At the $34 per-share offering price, the social media platform is expected to raise about $748 million. In the regulatory filing, the company said it anticipates to have nearly 159 million shares outstanding following the IPO, giving it a potential valuation of $5.41 billion, or $5.52 billion if underwriters purchase the additional shares on offer, according to MT Newswires' calculations.

For the three-month period ended Dec. 31, Reddit ( RDDT ) reported net income of $18.5 million, compared with a loss of $22.2 million a year earlier. Revenue was $249.8 million, up from $200.4 million in the 2022 quarter.

The company has more than 100,000 active communities, which are usually described as "subreddits." The platform had an average of 73.1 million daily active unique visitors and 267.5 million weekly unique users at the end of December, according to the filing.