Benzinga - by Surbhi Jain, .
Reddit Inc. is gearing up for its much-anticipated IPO, with Amendment No. 1 to Form S-1 filed on March 11.
As the platform embarks on its IPO journey, Reddit’s IPO shares have found a spot on Robinhood Markets Inc‘s (NASDAQ:HOOD) IPO Access list, offering an exclusive opportunity for a select few. The stock will be listed on the New York Stock Exchange as RDDT.
We covered it first here: Reddit Eyes Mega IPO, Aiming To Raise $748 Million
Reddit’s IPO Details and the Buzz on Robinhood The official filing revealed Reddit’s intention to launch the IPO with an anticipated price per share ranging between $31.00 and $34.00. The company planned to offer 15,276,527 shares of its Class A common stock, complemented by an aggregate of 6,723,473 shares offered by selling stockholders. Notably, this marked Reddit’s entry into the public market, with no existing public market for its Class A common stock.
The expected IPO date according to Robinhood is March 21, 2024.
Redditors Weigh In
- User TylerHowe sparked a discussion on r/investing, questioning the potential of Reddit’s IPO and whether it was worth buying. With Robinhood adding Reddit IPO to its platform and taking requests, the debate delved into whether Reddit would emerge as a stable stock or follow the volatile path of meme stocks.
- Over at r/MoneyDiariesACTIVE, suzygreeenberg raised the question of Reddit’s IPO participation. As users shared their thoughts, concerns arose about Reddit’s historical struggles to turn a profit. Meanwhile, pre-registered users express curiosity about the implications of investing in an IPO, sparking diverse opinions.
Exclusive Access on Robinhood Sage_Planter added to the discussion, emphasizing Reddit made it to Robinhood’s IPO Access list. This exclusive feature enabled Robinhood users to review the prospectus and potentially secure shares of Reddit’s IPO.
Whether Reddit’s IPO will be a stable addition to investment portfolios or take a more unpredictable route remained uncertain. The exclusive access on Robinhood added an element of excitement, allowing a select group of investors to explore the prospectus and consider joining the Reddit IPO journey.
As the countdown to the IPO continued, the Reddit community and Robinhood users eagerly awaited the unfolding of this financial milestone.
Read Next: From Hating Reddit IPO To Shorting The Stock: A Polarizing Debate Emerges Among Redditors
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.