Exclusive-Reddit's IPO as much as five times oversubscribed, sources say

Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

NEW YORK (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.