Reddit plans to price its March 20 IPO at a valuation of about $6.5 billion

Reddit plans to price its IPO on March 20 and begin trading the following day, people familiar with the matter said. The target price is $31 to $34 per share, valuing the company at about $6.5 billion, down from $10 billion at its last non-public valuation in 2021.Reddit's IPO won't determine the direction of the overall IPO market, but underperformance will affect the thinking on tech IPOs as a whole.Reddit will be telling prospective investors that it's building an advertising business similar to Pinterest's, which places ads based on interest and intent to place ads, rather than collecting users' personal data. At the same time, it promises to license user data to artificial intelligence companies looking to train big language models.