Social media platform Reddit made public its paperwork for an initial public offering in the USÂ on Thursday and plans to list its shares on the New York Stock Exchange.
The IPO filing comes almost two decades after Reddit’s launch and will be a major test for the platform that still lags the commercial success of social media contemporaries such as Facebook and Twitter, now known as X.
Reddit was valued at $10 billion in a funding round in 2021 and it is unclear what valuation the company will aim for during its share sale in the coming weeks.
It is expected to seek a sale of nearly 10% of its shares in the IPO, Reuters reported earlier.
Morgan Stanley and Goldman Sachs have been tapped as the lead underwriters for Reddit’s IPO, which includes more than a dozen other banks.
Source: NYPOST