Key Takeaways
- Reddit filed to list on the New York Stock Exchange under the ticker RDDT on Thursday.
- Reddit, which is nearly 20 years old, has yet to record a profit, reporting a net loss of $90.8 million for 2023 in its IPO filing.
- Reddit confidentially filed a draft IPO registration statement with the SEC in December 2021 amid a flurry of other IPOs at the time.
Reddit on Thursday filed an initial public offering (IPO) prospectus with the Securities and Exchange Commission to list on the New York Stock Exchange (NYSE).
The social media company will trade under the symbol “RDDT.”
Reddit confidentially filed a draft registration statement with the SEC in late 2021 to go public amid a flurry of other IPOs. The market for public listings largely dried up after that, dropping from 1,035 IPOs in 2021 to 181 in 2022 and to 154 in 2023.
The social media group reported $804 million in annual revenue last year in its IPO filing, up 21% from the previous year. It has yet to record a profit, reporting a net loss of $90.8 million for 2023.
Reddit, which depends on ad sales for revenue, said the market opportunity for digital advertising is $1 trillion, excluding China and Russia, and is expected to grow at a compound annual rate of 8% a year to $1.4 trillion in 2027, citing S&P Global Market Intelligence data.
Tech entrepreneurs Alexis Ohanian and Steve Huffman founded the company in 2005.