Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday after a yearslong run-up. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”
Reddit said it had $804 million in annual sales for 2023, up 20% from the $666.7 million it brought in the previous year, according to the filing.
The company said it has incurred net losses since its inception. It reported a net loss of $90.8 million for the year ended Dec. 31, 2023, compared to a net loss of $158.6 million the year prior.
Its market debut, expected in March, will mark the first major tech initial public offering of the year. It’s the first social media IPO since Pinterest went public in 2019.
Reddit first filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission in December 2021.
Facebook went public at a time when they were THE social media site and everyone’s aunty was on it.
I’ve been on reddit for probably 12 years and know few people irl that use it (not usa mind you). Moreover they don’t really have a plan and they do have competition. Ignoring for a second that 99% of lemmy users are probably disgruntled ex redditors. Why should anyone invest som ofnl their savings in reddit going public, besides playing wall Street bets? Is there anything there to believe in? Do they have a credible plan to increase users and monetise that increase? In other words, any “step 3: profit” to buy into?