Reddit looking to raise almost $750M in initial public offering

Social media company Reddit is looking to raise almost $750 million in an initial public offering of its common stock.

The San Francisco-based company said in a regulatory filing that the IPO will include 22 million shares of Class A common stock. Reddit is offering approximately 15.3 million shares, while the selling stockholders are offering about 6.7 million shares.

Reddit anticipates that the IPO will be priced between $31 and $34 per share. At the midpoint of that range Reddit would raise about $451 million, and it plans to use proceeds for general corporate purposes, taxes and possibly acquisitions.

Read more at APNews.com.