Reddit seeks to launch IPO in March
(VOVWORLD) - Social media platform Reddit has drawn up detailed plans to launch its initial public offering (IPO) in March, moving forward with a listing it has been eyeing for more than three years, according to people familiar with the matter.
It would be the first IPO of a major social media company since Pinterest's debut in 2019, and would come as Reddit and its peers face stiff competition for advertising dollars from the likes of TikTok and Facebook.
The San Francisco-based company, which was valued at about 10 billion USD in a funding round in 2021, is seeking to sell about 10% of its shares in the IPO, the sources added.
Founded in 2005, Reddit became best known for its niche discussion groups and its users voting "up" or "down" on the content posted by other members.