"Reddit's Highly Anticipated IPO Oversubscribed Five Times: What Users Need to Know"

Reddit's IPO is reportedly between four and five times oversubscribed as it aims for a $6.5 billion valuation, indicating potential to reach its targeted price range of $31 to $34 per share. The social media network, known for its forums, has faced challenges in matching the commercial success of its rivals and has seen some moderators quit in protest. Reddit's IPO is seeking to raise as much as $748 million and has reserved 8% of shares for eligible users and moderators to attract retail investors.