The social media site said it has yet to determine the number of shares on offer or their price. It said that the IPO is expected to occur after the US Securities and Exchange Commission “completes its review process subject to market and other conditions.”
Back in September, Reuters report – citing sources – that Reddit is looking to hire investment bankers and attorneys for an IPO.
Reddit declined to comment for additional comment Wednesday night.
Wall Street sees a large number of debuts in 2021. In the first nine months of this year, 785 companies have listed in the United States, compared with 664 for both 1996 – the dawn of Internet stocks – and 555 in 2020.
Dating app Buzz, plant-based milk company Succinct and online brokerage giant Robin Hood hero is one of the more upscale “unicorns” to go public in 2021.
Reddit, meanwhile, is a very popular social media site. It even gained popularity on Wall Street earlier this year thanks to one of its boards, WallStreetBets.
Users on that board advertised several stocks – including GameStop (GME) and AMC (AMC) – in hopes of squeezing short sellers who bet against them. Share in GameStop, the game retailer, spiked around 2,700% in a few weeks, partly because it was plugged in by enthusiasts on Reddit.
– Paul R. La Monica contributed to this report.
