Reddit took a big step towards his listing on the stock exchange: in a press release, the company revealed that it had confidentially filed a registration statement with the Securities and Exchange Commission of the United States regarding an offer relating to its common stock. At the moment we don’t know much yet, but some details have already leaked.
Is Reddit listed on the stock exchange?
The social network has specified that it has yet to determine how many shares will be offered and for how long. It will likely reveal an initial valuation in the near future as it prepares for an IPO, but it’s worth noting that it has already picked up 700 million dollars in a funding round in August with a valuation of over 10 billion.
As reported by Reuters, Reddit last September tried to hire investment bankers and lawyers as consultants for an IPO planned in New York. The timing of the IPO will depend on market conditions, but it appears Reddit was hoping the company was valued at over $ 15 billion. In March, the company also took over Drew Vollero, who led Snap’s IPO in 2017, as first CFO.
Reddit was founded in 2005 and has since grown hugely popular as a news aggregator, messaging forum, and social media website. In the second quarter of this year, it spawned 100 million dollars in advertising revenue, 192% more than the revenue generated in the same period of 2020. The site intends to find more ways to embed video and audio in posts in the future, which could lead to even greater advertising revenue.
In short, it seems that Reddit is on the crest of the wave, and it is very likely that we will be hearing about the site for some time yet in the future.