Reddit Moves Towards Public Listing: NFTs Driving Interest
The popular social news aggregation Reddit announced on Wednesday that it has submitted an application for Initial Public Offering (IPO) and expected approval from the Securities and Exchange Commission (SEC).
With this move, Reddit targets a higher valuation of $15 billion, at this time, the company is likely worth more than $10 billion.
The filing act came with no surprise. Since its arrival, the company has gained certain popularity through unique experiences.
It has also witnessed considerable growth this year.
In addition, Reddit has plans to expand the company, targeting 1400 employees and expanding in England, Australia, and Canada. If the application is approved by the SEC, the plan will likely come true.
Reddit Moves to Be a Public Company
According to Reddit, the shares and prices for the coming public offering are undisclosed. Further details are either revealed by the company due to regulatory rules.
In fact, rumors had it that Reddit prepared for an IPO in August. This came after an announcement that the company had raised over $700 million in new funding, making the company valuation surpass $10 billion.
The company generates revenue through advertisements, with over $100 million profit from this channel in the Q2 of 2021.
Reddit was launched in 2015, and it took the company a short time to become one of the largest social platforms across the world.
Several years after its founding, Reddit was acquired by Conde Nast, publisher of magazines including Vogue, The New Yorker, and Vanity Fair, for an undisclosed sum in 2006.
By 2011, the platform had been transformed into a stand-alone subsidiary.
The user base is estimated to be approximately 52 million active users per day. The subreddits are distinguished and diverse with over 100.000 topics and discussions.
In comparison to other social networks, like Facebook, Instagram, or Twitter, the figures are small-scale. However, Reddit has great potential and value, and its room to grow is large.
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