Reddit is aiming for a valuation of up to $6.4 billion in its public offering on Wall Street, in one of the most anticipated stock market debuts in recent years.

As the company announced today, Monday, it aims to sell approximately 22 million shares, priced between $31 and $34, to raise up to $748 million.

The IPO, a significant test for investor appetite towards new entries on Wall Street, will take place two years after the company began its preparations. So far, the reception of public offerings this year has been mixed.

It is noted that the sought-after valuation is less than the $10 billion value reached by Reddit in 2021 following a capital raising.

Since its launch in 2005, Reddit has become one of the most iconic and recognizable social networking sites. Notably memorable is the successful "attack" by its users on hedge funds in 2021 for short selling GameStop's stocks, which caused chaos on Wall Street.

Morgan Stanley, Goldman Sachs, J.P. Morgan, and Bank of America Securities are the principal underwriters of the issuance. Reddit is expected to be listed on the New York Stock Exchange under the ticker symbol "RDDT".