Reddit Is Moving Ahead With IPO After Two Years on Sidelines

Reddit Inc. filed for an initial public offering, revealing the social media platform’s shrinking losses and helping to propel a still-tenuous resurgence in US listings.

The San Francisco-based company, in what is set to be one of the biggest listings of the year, filed Thursday with the US Securities and Exchange Commission to move ahead with an IPO, more than two years after first submitting its plan confidentially.

Reddit won’t disclose proposed terms for the IPO, including its valuation in a listing, until a later filing. The company has been advised to consider a valuation of at least $5 billion in an IPO and could begin marketing the shares as soon as March, Bloomberg News has reported.

Reddit, founded in 2005, averaged 73.1 million daily active unique visitors in the fourth quarter, according to the filing. It became an icon of the so-called meme-stock era after a forum on the site, WallStreetBets, jolted the stock market.

The company reported a net loss of $90.8 million on revenue of $804 million in 2023, compared with a net loss of $158.6 million on revenue of $666.7 million a year earlier…Read Full Article