Reddit Announces Plans for Initial Public Offering on NYSE

San Francisco, United States – Reddit, the social network firm based in the US, has officially filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE), marking a significant move for social media companies since Pinterest’s public offering in 2019.

According to Philippines News Agency, its filing with the US Securities and Exchange Commission on Thursday, Reddit reported revenue growth of 21 percent over the past year, from USD 666.7 million in 2022 to USD 804.0 million in 2023.

The company also highlighted an increase in its gross margin, from 84 percent in 2022 to 86 percent in 2023. With daily visits averaging over 76 million people in December 2023, Reddit’s user engagement forms the core of its monetization strategy, primarily through advertising solutions. The filing further projects Reddit’s total addressable market globally, excluding China and Russia, to reach USD 1.4 trillion by 2027.

Scheduled for March, this IPO is anticipated to be the largest public offering by a social media firm in recent years. Reddit, established in 2005, aims to list on the NYSE under the ticker symbol “RDDT”, marking a new chapter in its growth and expansion strategy.