After years of speculation, Reddit is set to launch its initial public offering (IPO) in March according to people familiar with the matter.
According to a report in Reuters, Reddit confidentially filed for its IPO in December 2021 and is planning to make its public filing in late February, launch its roadshow in March and complete the IPO by the end of that month.
The company was valued at around $US10 billion ($AU$15 billion) in a 2021 funding round. This time around, it is seeking to sell off 10 per cent of its shares in the IPO, according to the sources. It will decide on what IPO valuation it will pursue closer to the time of the listing.
However, the sources that Reuters spoke to said that Reddit’s IPO plans could be deferred as has happened in the past.
A Reddit spokesperson declined to comment on the story. Reddit generates most of its revenue through advertising and also offers an ad-free subscription service for $US5.99 per month ($AU9 per month). It has yet to turn a profit.
In the past, the company has attributed its losses to investing in the platform and its users engaging less with advertising on its site than other social media.
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