Reddit To Go Public

The company has confidentially submitted a draft registration statement with the Securities and Exchange Commission(the "SEC") to go public.

Reddit, recently unveiled that it has confidentially submitted a draft registration statement with the Securities and Exchange Commission(the "SEC") to go public.

In August, the company announced a hefty $410M financing led by Fidelity, valuing it at $10 billion, with plans to raise up to $700M. 

As per public information, Reddit has raised $1.3 billion in funding so far. The well-financed company was readying for an IPO, was observed by many in March, when it hired its first-ever CFO, Drew Vollero, who previously worked on Snap’s IPO.

As per the announcement, the number of shares and the price value for the proposed offering have not yet been determined. The initial public offering can be expected to happen after the completion of SEC's review process.

It is worth noting that in Q2, this year, Reddit broke $100M in advertising revenue. By the end of August, the site attracted 50M daily visitors and hosted 100,000 active subreddits.

About Reddit:

Reddit is a US-based social news aggregation, web content rating, and discussion website. The website ranked 19th-most-visited website around the globe and 7th most-visited website in the United States, as of September 2021, according to Alexa Internet. It was founded by roommates from the University of Virginia: Steve Huffman and Alexis Ohanian, with Aaron Swartz, in 2005; and was acquired by Condé Nast Publications in October 2006.