KONTAN.CO.ID - NEW YORK, March 17 (Reuters) - Reddit's initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks. While the oversubscription does not guarantee a strong performance in the stock market debut, it means the company is poised to at least reach its targeted price range of $31 to $34 per share when it prices the IPO in New York on Wednesday, the sources said. The sources said the marketing of the IPO was continuing and asked not to be identified because the details are confidential. A Reddit spokesperson declined to comment.
EXCLUSIVE - Reddit's IPO as Much as Five Times Oversubscribed
KONTAN.CO.ID - NEW YORK, March 17 (Reuters) - Reddit's initial public offering is currently between four and five times oversubscribed, people familiar with the matter said on Sunday, making it more likely the social media platform will attain the $6.5 billion valuation it seeks. While the oversubscription does not guarantee a strong performance in the stock market debut, it means the company is poised to at least reach its targeted price range of $31 to $34 per share when it prices the IPO in New York on Wednesday, the sources said. The sources said the marketing of the IPO was continuing and asked not to be identified because the details are confidential. A Reddit spokesperson declined to comment.