Reddit, a popular social media platform, recently disclosed the financial details of its forthcoming Initial Public Offering (IPO). The company aims to raise an impressive $748 million in this IPO, selling 22 million shares for $31 to $34 each. This stock sale, coupled with the targeted fundraising, can potentially amount to a substantial $750 million. The proposed market cap for Reddit post-IPO is estimated to be between $4.9 billion and $5.4 billion.

This new move puts Reddit on track for a valuation of up to $6.4 billion, making it one of the largest IPOs in the U.S. this year. As part of these changes, Reddit also intends to launch a dedicated subreddit, /RDDT, for its user base to field any questions.

With Reddit intending to raise approximately $519 million for the company through this IPO, the remainder of the $748 million will come from selling shareholders. Therefore, together, the stock sales would be worth about $748 million. This ambitious plan will support Reddit’s ongoing expansion and development, affirming its place in the competitive social media landscape.