Reddit Inc.’s eagerly anticipated initial public offering (IPO) is currently oversubscribed by four to five times, according to Reuters. This surge of investor enthusiasm suggests the social media giant is on track to achieve its desired $6.5 billion valuation. The IPO, scheduled for pricing in New York on Wednesday, is targeted at $31 to $34 per share, though this does not guarantee a robust stock market debut. The company adjusted its valuation goals downward from the $10 billion mark set during a private fundraising round in 2021, aiming to raise $748 million through the IPO. Despite its so…