Reddit guides IPO may price at top of range or above, source says

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

(Reuters) - Reddit and its bankers are guiding that they could price the social media platform's initial public offering (IPO) at the top of the indicated range or above, according to a source familiar with the matter.

The San Francisco, California-based company is seeking a valuation of $6.5 billion in the IPO and had indicated it would sell shares at a price between $31 and $34 each. If priced at the top end of that range, the IPO would fetch $748 million for Reddit and its selling shareholders.