Reddit IPO Draws Strong Demand Despite Lower Valuation Expectations

Reddit's IPO is 4-5 times oversubscribed, indicating strong demand and that it may reach its targeted share price range of $31-34
Reddit recently reduced its valuation expectations to $6.5 billion from $10 billion last year
The IPO aims to raise up to $748 million and give Reddit a market cap of $6.5 billion
Reddit has struggled to monetize its platform and match rivals' commercial success, with some advertisers wary of its niche content and moderation
Reddit is reserving 8% of IPO shares for retail investors and users in an effort to attract them amid the offering