Reddit, the popular online discussion platform, has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The company aims to raise $286 million by offering 16.7 million shares priced between $16 and $18 each. At the top end of the range, Reddit would be valued at around $6.7 billion. The IPO filing reveals that Reddit had 52 million daily active users and 430 million monthly active users as of March 2023. The company generated revenue of $654 million in 2022, up 25% from the previous year, but reported a net loss of $238 million. Reddit plans to list its shares on the New York Stock Exchange under the ticker symbol “READ.” The offering is being led by Morgan Stanley, Goldman Sachs, and J.P. Morgan.
Source: https://apnews.com/article/reddit-ipo-nyse-stock-debut-77d428f98654dbbb87b242c2f625131d