Reddit has officially filed paperwork for an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE), where we'll see the RDDT as the ticker symbol, and longtime users of Reddit will be able to buy RDDT shares.
Reddit CEO Steve Huffman said that many longtime Reddit users feel a "deep sense of ownership" over their communities on the platform, continuing: "We want this sense of ownership to be reflected in real ownership-for our users to be our owners. With this in mind, we are excited to invite the users and moderators who have contributed to Reddit to buy shares in our IPO, alongside our investors".
Reddit's filing said: "Our users have a deep sense of ownership over the communities they create on Reddit. This sense of ownership often extends to all of Reddit. We see this in our users' passion for their communities, their desire for Reddit to be as amazing as possible, and in their disapproval when we let them down. We want this sense of ownership to be reflected in real ownership - for our users to be our owners. Becoming a public company makes this possible. With this in mind, we are excited to invite the users and moderators who have contributed to Reddit to buy shares in our IPO, alongside our investors".
Reddit's bankers are seeking a valuation of at least $5 billion from the IPO, which is around half of the $10 billion valuation the company saw in a 2021 private financing round. The talks are still on-going, so we should expect that price to go up (or come down) in the coming weeks.
