In a move that has Wall Street buzzing, Reddit is gearing up for one of the most highly anticipated initial public offerings (IPOs) of the year. With the potential to rank among the biggest U.S. IPOs in 2024, the social media giant is set to make waves with its stock offering.

Here’s what investors need to know about Reddit’s upcoming IPO:

1. Pricing Details:Reddit has set a price range of $31 to $34 per share for its IPO. At the top end of this range, the stock sale would raise a staggering $748 million, making it the second-largest listing in the U.S. this year.

2. Ticker Symbol:The stock will trade under the symbol “RDDT,” symbolizing Reddit’s entry into the public markets.

3. Valuation:Despite a private valuation of $10 billion in 2021, Reddit is now valued at up to $6.4 billion. While this represents a decrease from its previous valuation, the company remains a formidable player in the social media landscape.

4. Shareholder Structure:New investors will have the opportunity to purchase Class A stock, while existing shareholders, including the Newhouse family’s Advance Magazine Publishers and Chinese internet giant Tencent, will retain supervoting Class B shares, maintaining approximately 97% of voting rights.

5. Offering Details:Reddit’s IPO includes a greenshoe option, increasing the deal’s final size by up to 15% in response to strong demand. Major backers, such as Advance and Tencent, are not planning to sell their shares in the offering.

6. Revenue Streams:Reddit derives the majority of its revenue from advertising, with top-line revenue from 2023 reaching $804 million. The company also sees significant potential in areas such as AI and digital commerce, estimating a total addressable market of trillions by 2027.

7. Roadshow and Investor Interest:Reddit kicked off its roadshow to drum up investor interest, highlighting its global reach and collaborative communities. With the IPO attracting considerable attention, investors are closely watching for further developments.

As Reddit prepares to make its debut on the public markets, all eyes are on the company’s performance and future growth prospects. With its unique platform and dedicated user base, Reddit is poised to make a splash in the world of social media and beyond. Stay tuned for updates as the IPO process unfolds.