Reddit targets valuation of close to $6.5 billion in upcoming IPO

Reddit, the social media company known for hosting web forums on topics from the mainstream to the extremely obscure, is targeting a valuation of close to $6.5 billion in its upcoming IPO.

The company and existing shareholders plan to sell about 22 million shares at a range of $31 to $34 per share, according to a filing released Monday. The projected market cap reflects a fully diluted share count, not just the shares that will immediately be outstanding.