Reddit is getting ready to start its preliminary offering that is publicIPO) in March, according to a new report from Reuters. The report notes that the move comes more than three years after the San francisco-based media that are social initially started eyeing an IPO. Reddit is likely to make its filing that is public in February and complete the IPO by the end of March.
The Company is looking to sell around 10% of its shares in the IPO, and will decide on what IPO valuation to pursue closer to the right period of the listing. Nevertheless, Reuters sources cautioned that Reddit’s IPO plans may potentially back be pushed, which has happened in the past.
Reddit declined to comment on the matter.
The news comes nearly two months after Bloomberg reported that Reddit was holding talks with potential investors for an initial offering that is public
Reddit, that was launched in 2005, confidentially posted a draft enrollment declaration utilizing the Securities and Exchange Commission going general public in 2021, but those plans never materialized december. The move took place just months after Reddit had raised $410 million in a Series F round that is funding by Fidelity, valuing it at ten dollars billion. During the time, it had intends to shut the round out at $700 million.
In January 2022, it was reported that Reddit was that is( going general public and ended up being deciding on a valuation of just as much as $15 billion.
The June company has yet to turn a profit, Reddit CEO and co-founder Steve Huffman revealed last. Reddit has held off on launching an IPO until it came closer to profitability. Its IPO plans have also been delayed due to uncertainty around the IPO market over the last two years, Reuters notes.
The Information reported a weeks that are few that Reddit likely to complete 2023 with ad revenue up more than 20% to somewhat over $800 million.
