The social media site said it had yet to determine how many shares to offer or their price range. He said the IPO is expected to take place after the US Securities and Exchange Commission “completes its review process subject to market and other conditions.”
In September, Reuters reported
– citing sources – that Reddit was looking to hire investment bankers and lawyers for an IPO.
Reddit declined to provide further comment on Wednesday evening.
Wall Street had a number
of debuts in 2021. In the first nine months of this year, 785 companies went public in the United States, up from 664 for all of 1996 – the dawn of internet stock madness. – and 555 in 2020.
Dating app buzz
, plant-based dairy company Oats
and online brokerage giant Robin Hood
are among the most prominent âunicornâ companies to go public in 2021.
Reddit, on the other hand, is a very popular social media site. It even gained notoriety on Wall Street earlier this year thanks to one of its boards, WallStreetBets.
Users of this forum have promoted a number of actions, including GameStop (GME)
and AMC (AMC)
– in the hope of crushing short sellers who had bet against them. Actions in GameStop, the game retailer, climbed about 2,700% in a matter of weeks
, in part because it was plugged in by enthusiasts on Reddit.
– Paul R. La Monica contributed to this report.