Reddit is gearing up to go public, according to Reuters. The social content site has reportedly been angling to launch its initial public offering (IPO) for over three years, the newspaper reported, citing people familiar with the matter.
The platform apparently filed confidentially for its IPO back in December 2021. The confidential filing means it was able to set in motion its plan to go public while still keeping sensitive information under wraps from competitors, as well as those who may invest in the company. In a confidential IPO filing, the paperwork involved – largely financial details – only becomes publicly available 15 days ahead of the IPO launch.
Reddit is reportedly planning to make its filing public by late February, per Reuters. From there, it’s expected to launch in mid-March and complete the launch by the end of March.
In the IPO, Reddit is expected to sell about 10% of its shares. In 2021, the last time it sought funding, the company received a valuation of $10 billion USD.
Reuters’ sources told the publication that it’s possible the IPO launch date will be pushed back, as the company has already delayed its plans in the past.