Reddit plans to price its IPO on March 20 and start trading the next day, according to two people familiar with the matter, the Financial Times reported. The company has a price target of $31 to $34 per share, valuing it at about $6.5 billion. If priced as planned, its post-IPO market capitalization would be significantly lower than the $10 billion it last privately valued in 2021. An IPO banker not involved in the deal said Reddit's listing "won't determine the direction of the overall IPO market, but if it underperforms, it certainly won't help our overall thinking about tech IPOs." Reddit will tell potential investors that it is building an advertising business similar to Pinterest's, which does not collect as much personal data on users and instead serves ads based on interests and intent, according to a person familiar with the plans. Reddit has also committed to licensing user data to artificial intelligence companies looking to train large language models.