Social media platform Reddit is reportedly planning to launch its initial public offering in March, according to an exclusive article from Reuters. This move comes after more than three years of consideration and would be the first IPO of a major social media company since Pinterest’s market debut in 2019. Reddit, valued at about $10 billion after its most recent funding round, is seeking to sell approximately 10 percent of its shares in the IPO and will decide on what IPO valuation it will pursue closer to the time of its listing.
Reddit’s platform allows users to participate in niche discussion groups and vote “up” or “down” on shared content. The San Francisco-based company generates revenue primarily through advertising and offers premium access for a monthly fee.
The company reportedly waited until now to launch its IPO since it’s come closer to achieving profitability. The move follows numerous periods of market volatility over the past two years that delayed its IPO plans, however, the IPO could still be pushed back even further, according to Reuters’ sources.
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