Reddit will hold an IPO in March – Kommersant

Reddit, which owns the popular forum of the same name, is ready to hold an IPO in March, reports Reuters with reference to the company’s own sources. It will be the first public offering of securities of a major social network since Pinterest went public in 2019.

Reddit first announced its intention to hold an IPO back in 2020. At the end of 2021, the company filed a confidential application with the US Securities and Exchange Commission (SEC) about its readiness to conduct an IPO, and since then there has been no information about its impending listing from Reddit. Now, according to Reuters sources, the company’s management has finally decided on the details of the plan to place shares on the stock exchange. A public statement of intent to conduct an IPO is due to be filed with the SEC at the end of February. The company wants to launch a road show in early March, and by the end of the month, complete the procedure for entering the stock exchange.

Reddit was valued at $10 billion based on the results of the last round of financing at the end of 2021. According to agency sources, as part of the IPO the company wants to sell 10% of the shares. Reddit will determine the price of its shares closer to its entry into the stock exchange, sources say. At the same time, they also emphasize that the timing of the IPO may still be shifted. The company itself declined to comment on Reuters information.

Kirill Sarkhanyants