Social Media Giant Reddit πŸ€– Files For IPO πŸš€

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Social Media Giant Reddit πŸ€– Files For IPO πŸš€

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On December 15, social media platform Reddit announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering (IPO).

Reddit did not disclose the price range or number of shares to be offered in the statement. Moreover, the company also did not disclose the valuation it would see in the IPO.

Founded in 2005, Reddit is one of the world’s most influential social media companies with around 52 million daily users and more than 100,000 active communities or sub-reddits.

In the second quarter of 2021, Reddit generated advertising revenue of $100 million, a nearly 200% increase from the last year. 

The company is now seeking to push deeper into the audio and video market, where ad rates tend to command a premium.

More details of Reddit’s finances and operations will be reported later in a public filing if it continues to pursue an IPO.

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