What you need to know
- Reddit has filed for a proposed IPO with the SEC.
- The company was last valued at $10 billion.
- It would see the popular platform trade as a public company.
Popular internet platform Reddit has today announced it has filed for an initial public offering to the SEC.
Reddit stated:
Reddit, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") relating to the proposed initial public offering of its common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.
The company added it was in a quiet period and couldn't say anything further for regulatory reasons.
As per the company's own funding announcement in August, Reddit was recently valued at over $10 billion, and saw a 192% increase in its advertising revenue in Q2 of 2021 compared to the previous year. The number of shares that could be offered and the proposed price range has not been disclosed.
Reddit was at the heart of a 'meme stocks' movement earlier this year that saw a record 6.6 million downloads of its app worldwide in January of 2021 and had at that point been downloaded some 122.5 million times across iOS and Android. The bumper Q2 it experienced this year saw the company make $100 million in advertising revenue for the first time ever. The company is also looking to expand into new audio and video offerings.
