Reddit aiming for $6.5bn valuation from New York flotation

Reddit’s flotation is seen as the most significant initial public offering of a social media company since Pinterest’s in 2019. Photograph: Sheldon Cooper/SOPA Images/Shutterstock

The social media network Reddit has revealed that it is seeking a valuation of about $6.5bn (£5bn) at its imminent flotation on the New York Stock Exchange.

The company said in a corporate filing with the US Securities and Exchange Commission on Monday that it planned to raise up to $748m by selling 22m shares valued at between $31 and $34 each in the largest initial public offering of a social media network in four years.