Social-media company Reddit on Thursday filed for an initial public offering on the New York Stock Exchange. The San Francisco-based company would trade under the ticker RDDT.
The filing did not disclose the number of shares that will be offered or a potential price. Reddit, founded in 2005, reportedly filed confidentially for an IPO back in 2021 but was delayed by shifts in the broader market.
In the company's S-1 filing with the Securities and Exchange Commission, Reddit Chief Executive Steve Huffman said Reddit has "many opportunities to grow both the platform and the business, the latter through advertising, monetizing commerce on the platform, and licensing data."
The company's work "to make Reddit faster, easier to use, easier to moderate and govern, and simpler to navigate and find relevant communities is driving growth today and will continue to be our focus into the future," he added.
Reddit: Revenue Up 21% In 2023
Reddit last year posted $804 million in revenue, up 21% from 2022, according to its filing. The company reported a loss of $90.8 million, down from $158.6 million a year earlier.
The forum-based website and app has more than 100,000 active communities, often described as subreddits. Further, the website and app had an average of 73 million daily unique visitors as of December, according to the company's filing.
