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Reddit files for IPO, cashing on 2021’s meme stock frenzy

Last week, Reddit Inc. – the catalyst for this year’s meme stock frenzy – announced that it has confidentially filed for an initial public offering (IPO). 

 

The San Francisco-based social media platform has started the process of taking the company public by filing an S-1 with the Securities and Exchange Commission. 

 

Reddit is yet to provide further details, including the number of shares to be offered or the price range. This is due to regulatory reasons. 

 

The company raised $700m in a funding round in August and announced $100m in advertising revenue for Q2 2021. Reddit aims for a valuation of $15 billion when its IPO comes to market.

 

In growth terms, the company announced plans to double its staff headcount to 1,400 and expand its presence in the UK, Australia and Canada.

 

Although Reddit was founded in 2005, at the same time as Facebook and Twitter, it has taken a unique road toward going public. Reddit has a lower valuation and significantly fewer active users than its peers.

Although Reddit was founded in 2005, at the same time as Facebook and Twitter, it has taken a unique road toward going public

In March, in an early step toward a public listing, Reddit hired Drew Vollero as its first chief financial officer. Vollero previously led Snapchat owner Snap through its own IPO.

 

Reddit’s Chief Executive Steve Huffman said that with an IPO, he would want to make Reddit’s share offering more accessible to individual investors.

Reddit files for IPO, cashing on 2021’s meme stock frenzy

What exactly is Reddit?

According to the company itself, “Reddit is home to thousands of communities, endless conversation, and authentic human connection. Whether you’re into breaking news, sports, TV fan theories, or a never-ending stream of the internet’s cutest animals, there’s a community on Reddit for you.”

 

Reddit looks more like a forum with message boards and subreddits (online communities/forums dedicated to specific issues). 

 

Message boards on Reddit, most notably WallStreetBets, have played a significant role in popularising so-called meme stocks. 

 

The r/wallstreetbets community pushed stocks in retailers to unprecedented heights. In particular, the forum became a hotspot for individual advice-seeking investors who rallied around GameStop Corp. 

 

The 16-year-old content aggregator has since been looking to build on its gained attention. 

 

However, the Reddit investing community isn’t sure if they like the idea of the social media company becoming a stock itself.

 

Social media fan? How about speculating on the future movements of social media stocks or meme stocks by trading them as CFDs? Check out our product page to find all the mentioned companies and more!

Disclaimer: Eurotrader doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information provided here, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. We advise any readers of this content to seek their own advice.

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