Reddit files for IPO with NYSE, will allow longtime users to buy shares

Reddit has officially filed paperwork for Initial Public Offering (IPO) on the New York Stock Exchange (NYSE) that will allow longtime users to buy shares.

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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 files for IPO with NYSE, will allow longtime users to buy shares 402

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.

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NEWS SOURCES:sec.gov, nytimes.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering and has recently taken a keen interest in artificial intelligence (AI) hardware.

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