Reddit eyes IPO in early 2024 after three-year wait

Social media giant Reddit is set to launch an IPO in March after waiting for more than three years since its initial offering was announced.

According to a Reuters report, the social media company is planning to launch its IPO in February and start roadshows in early March, with the IPO scheduled to complete later that month.

Reddit is a social media platform and online community where registered users can submit content such as text posts, links, images and videos and participate in discussions organized into ‘subreddits’.

Subreddits are themed communities created by users that cover a wide range of topics, from news and technology to hobbies and entertainment. These communities and forums have been popular grounds for discussions, one of which helped fuel major movement in the share prices of heavily shorted stocks such as GameStop. 

Reddit has been moving back and forth with its IPO plans since its initial filing in 2021, keeping its cards close to its chest since then.

In the initial filing, it did not specify the number of shares it plans to sell but, in August 2021, a funding round saw the social platform valued at more than $10 bn. If the launch goes ahead, this will be the second major social media platform to list in the past five years, following Pinterest, which listed on the NYSE in 2019.

Though the reporting is unconfirmed, Reuters adds: ‘The sources cautioned that Reddit’s IPO plans could be pushed back, as has happened in the past, and asked not to be identified discussing confidential deliberations.’

Reddit declined to comment.