Reddit is reportedly planning to file for an IPO next month, a move that it has been delaying for the last three years.
Citing people familiar with the matter, Reuters reported that the social media company will disclose it’s IPO details in late February, conduct a roadshow in early March, and windup the offering by March end. Well, the sources have also cautioned that the company may hold back the IPO if it sees unfavourable conditions.
Reddit IPO 2024 Timeline
Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit was quickly popularized for it’s niche discussion groups and hosts over 800 million monthly active users today. As we hoped the company would turn to public money long ago, it still hasn’t made an IPO.
Reddit’s Huffman said they’re waiting for the platform to turn profitable before seeking an IPO. In this pursuit, after delaying for three years, Reddit may finally make it’s stock market debut next month.
Citing people familiar with the matter, Reuters reported that Reddit may make it’s public filing in late February, launch a roadshow in early March, and complete the IPO by the end of March. If done, this would be a major social media listing after Pinterest’s in 2019.
This would also test the willingness of Reddit users to back the company financially, as they had done for dozens of “meme” stock rallies in the last three years, like for GameStop and AMC Entertainment Holdings.
Reddit is valued at about $10 billion in a funding round in 2021 and is planning to sell around 10% of it’s shares in the IPO, says Reuters. Well, the sources have also cautioned that the company may pull out from IPO plans, as in the past, if it foresees unfavourable conditions.
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