Reddit Targets IPO, Reveals Financials in Public Offering Push

This disclosure, outlined in an offering prospectus, positions Reddit as potentially the first major social media entity to enter the stock market in recent years, highlighting its growth with a revenue increase of over 20% and a user base of 73 million daily active users.
byContxto
February 22, 2024
Reddit Targets Ipo, Reveals Financials In Public Offering Push Reddit Targets Ipo, Reveals Financials In Public Offering Push
Reddit Targets Ipo Reveals Financials In Public Offering Push

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The company, originating from a University of Virginia dorm room by founders Alexis Ohanian and Steve Huffman, is now eyeing a public valuation exceeding $10 billion, following its last private funding round in 2021. Reddit’s IPO journey is set against the backdrop of a broader tech and social media landscape transformation, with predecessors like Facebook (now Meta), Twitter (recently privatized as X by Elon Musk), and Snap leading the way in earlier years.

The anticipated move comes during a period of IPO scarcity, contrasting sharply with the boom experienced in 2021. Last year saw a mere 108 companies going public in the U.S., a stark decrease from the previous year, with notable tech IPOs including chip designer Arm and grocery delivery service Instacart. Reddit’s CEO, Steve Huffman, in a founder’s letter, expressed that the IPO is aimed at advancing the company’s mission and benefiting its extensive community.

byContxto
Updated

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