Reddit files IPO with US Securities and Exchange Commission

Alex Baker
·2 min read
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SAN FRANCISCO (KRON) — Reddit filed an initial public offering on Thursday, according to a document on the United States Securities and Exchange Commission website. The social news website, which is headquartered in San Francisco, has applied to have its Class A common stock listed on the New York Stock Exchange under the symbol, “RDDT,” according to the filing.

The filing on the SEC site is preliminary. Shares will not be sold until the registration statement filed with the SEC is effective, according to the filing.

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In the filing, Reddit listed some of its current metrics as potential selling points, including:

  • 100,000+ active communities

  • 74 million average daily active uniques

  • 267 million average weekly active uniques

  • 1 billion cumulative posts

“Reddit is a community of communities, driven by interests and passions,” the filing states. “Our mission is to provide community, belonging, and empowerment to everyone in the world.”

The filing also includes a letter from Reddit’s founder. Steve Huffman, which states in part that, “we are going public to advance our mission and become a stronger company. We hope going public will provide meaningful benefits to our community as well. Our users have a deep sense of ownership over the communities they create on Reddit.”

The filing also includes a “multi-chapter growth strategy” in which the company offers potential advertisers benefits like:

  • More context ad interest

  • ROI and marketplace optimization

  • Advertiser diversity and depth

  • AI-powered audience reach and bidding

  • Expanded formats and offering

What is an IPO?

An IPO is an initial public offering, in which shares of a private company are made available for the public to purchase for the first time. IPOs allow companies to raise equity from public investors.

No price per share has been listed on Reddit’s IPO filing. Underwriters for Reddit’s IPO include Morgan Stanley, Citigroup, Deutsche Bank Securities and J.P. Morgan.

Reddit was first launched as a social news platform and microblogging platform in 2005.

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