Social media firm Reddit has officially filed to hold its initial public offering (IPO) on the New York Stock Exchange in March of this year.
The company has filed the needed paperwork and prospectus with the U.S. Securities and Exchange Commission (SEC). The company will trade under the ticker symbol “RDDT.”
An exact date in March for Reddit’s market debut has not yet been set. But it will be the first major technology IPO of the year and is the first social media IPO since Pinterest (PINS) went public in 2019.
The company was founded in 2005 and has raised about $1.3 billion U.S. in funding. It currently has a valuation of about $10 billion U.S., according to deal-tracking service PitchBook.
Reddit said it had $804 million U.S. in annual sales for 2023, up 20% from the $666.7 million U.S. the previous year.
The social networking company’s core business depends on online advertising to generate revenue.
Reddit reported a net loss of $90.8 million U.S. last year, compared with a net loss of $158.6 million U.S. in 2022.
Analytics show that Reddit is one of the most popular and widely visited websites in the U.S. but it has struggled to build an online advertising business.
Reddit currently has 73 million daily active users and 267 million weekly active users, according to the company’s filing with the SEC.
The company said that it plans to use artificial intelligence (AI) to improve its advertising business and that it expects to open new revenue channels by offering creative tools to users.
