Connect with us

Published

on

Social media platform Reddit,priced its initial public offering at the top of its targeted range of $31 to $34 per share on Wednesday, raising $748 million and giving the ailing technology IPO market a much-needed boost.

The IPO priced 22 million shares sold by the company and its existing shareholders at $34 a share, giving Reddit a valuation of about $6.4 billion.

Excluding the shares sold by existing shareholders, Reddit raised gross proceeds of $519.4 million.

Reutersreported earlieron Wednesday that Reddit and its bankers were guiding they could price the IPO at the top of the indicated range or above.

The pricing of the IPO at the top of the range is a vindication of the company’s decision to lower its valuation expectations, after it was valued at $10 billion in a private fundraising round in 2021.

The successful offerings of Reddit andAstera Labs,could boost the lackluster tech IPO market after two years of largely subdued activity.

Earlier this year, the stock market launches of other big names including KKR-backed BrightSpring and sportswear brand Amer Sports received a lukewarm reception from investors.

In February, Reddit unveiled a $66 million contract to provide training data to Alphabet’s Google.

Redditsaid,last week the US Federal Trade Commission was conducting an inquiry focused on the company’s sale, licensing, and sharing of user-generated content with third parties to train artificial intelligence models.

Reddit’s shares are expected to start trading on the New York Stock Exchange on Thursday under the ticker “RDDT”.

Morgan Stanley, Goldman Sachs, JPMorgan Chase, and Bank of America are the lead underwriters for Reddit’s offering.

Continue Reading

World

Helicopter carrying Hindu pilgrims crashes in India, killing seven people

Published

on

By

Helicopter carrying Hindu pilgrims crashes in India, killing seven people

A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.

The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.

The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.

It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.

The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.

Officials said the crash was believed to have been caused by poor weather conditions.

Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.

More on India

The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.

Smoke and debris at the crash site. Pic: Reuters
Image:
Smoke and debris at the site. Pic: Reuters

Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.

Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.

Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.

In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.

Continue Reading

Politics

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Published

on

By

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

Continue Reading

Sports

Ohtani blasts two HRs to halt 10-game drought

Published

on

By

Ohtani blasts two HRs to halt 10-game drought

LOS ANGELES — Shohei Ohtani hit two homers in an 11-5 win over the San Francisco Giants on Saturday night, emphatically ending the three-time MVP’s longest homer drought since joining the Los Angeles Dodgers.

Ohtani led off the bottom of the first with his 24th homer, hammering Landen Roupp‘s fourth pitch 419 feet deep into the right-field bleachers with an exit velocity of 110.3 mph.

The slugger had been in a 10-game homer drought since June 2, going 10-for-40 in that stretch with no RBIs, although he still had an eight-game hitting streak during his power outage.

Ohtani led off the sixth with his 25th homer, sending Tristan Beck‘s breaking ball outside the strike zone into the bleachers in right. He also moved one homer behind the Yankees’ Aaron Judge and Seattle’s Cal Raleigh for the overall major league lead.

Dodgers fans brought him home with a standing ovation as Ohtani produced his third multihomer game of the season and the 22nd of his career.

Ohtani reached base four times and scored three runs in his first four at-bats, drawing two walks to go with his two homers.

Ohtani hadn’t played in 10 straight games without hitting a homer since 2023 in the final 10 games of his six-year tenure with the Los Angeles Angels.

Ohtani had slowed down a bit over the past two weeks after he was named the NL Player of the Month for May with a formidable performance, racking up 15 homers and 28 RBIs.

The Associated Press contributed to this report.

Continue Reading

Trending