The Globe and Mail reports in its Tuesday edition that Reddit is aiming for a valuation of up to $6.4-billion in its U.S. initial public offering (all figures U.S.). A Reuters dispatch to The Globe reports that Reddit is targeting a sale of about 22 million shares to raise up to $748-million. The IPO, a major litmus test of investor appetite for new listings, will come more than two years after Reddit began preparations to go public. So far this year, the IPO market recovery has been uneven. Weak debuts from Arm Holdings, Instacart and Birkenstock in late 2023 had chilled hopes of a recovery in IPOs as the U.S. stock market came off a deep sell-off the year before. Since the IPO, Arm's stock has more than doubled. Instacart has underperformed the S&P 500 and Birkenstock is about even with the index. Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America Securities are the lead underwriters for the offering. Reddit expects to list on the New York Stock Exchange under "RDDT." Despite its cultlike status among followers, Reddit has lagged the success of contemporaries. The company has never turned a profit, and said in its filing earlier that it was "in the early stages of monetizing [its] business."