Reddit’s impending IPO is up to five times oversubscribed, report says

Reddit's closely watched initial public offering is between four and five times oversubscribed, according to a Reuters report.

Citing people familiar with the matter, Reuters reports that the social-media platform is set to at least reach its target price of $31 to $34 a share. The IPO will price Wednesday, the report said.

Reddit declined to comment, citing the quiet period during which companies are not allowed to publicly comment on their IPOs before they start trading.

In an amended filing last week, Reddit said it plans to offer 22 million shares at a price range of $31 to $34. At the top of the price range, and including potential vested options and restricted stock units, the company's total share count would be 188.7 million shares valued at $6.4 billion. This is significantly below its previous valuation of $10 billion...Read Full Article