Reddit files to take the company public
16 years after it first launched
Yesterday Reddit announced that it has started the process of taking the company public.
The 16-year-old site has filed a confidential S-1 with the Securities and Exchange Commission. Reddit has yet to determine how many shares it plans to sell or the price of the shares.
In August, the company raised $700m in new funding, valuing it at more than $10 billion. Later in the month, Reddit CFO, Drew Vollero, told The New York Times that the company was “still planning on going public”, but didn’t have a firm timeline yet, adding, “All good companies should go public when they can.”
At the time of its previous funding round, Reddit revealed it had made $100 million in ad revenue for the second quarter of 2021, a 192% increase from the previous year.
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