By Echo Wang and Anirban Sen
(Reuters) – Social media platform Reddit priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, according to people familiar with the matter.
The IPO priced at $34 a share, raising $748 million based on 22 million shares sold by the company and its existing shareholders. This infers a valuation of about $6.4 billion on Reddit.
The sources requested anonymity because the matter is confidential. Reddit did not immediately respond to a request for comment.
(Reporting by Echo Wang and Anirban Sen in New York; Editing by Greg Roumeliotis)
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