Posted 2/22/2024, 10:08:00 PM
Reddit Files for IPO, Seeks to Raise Funds and Go Public in 2023 Despite Recent Losses
- Reddit files for initial public offering ahead of planned stock market debut in March 2023
- Seeks to raise undisclosed amount by selling nearly 10% of its shares on the NYSE under ticker "RDDT"
- Filing reveals Reddit sustained $90.8 million in losses in 2023 despite 21% revenue growth
- Cites data licensing deals worth $203 million as new revenue stream, including $60 million per year deal with Google
- IPO delayed from late 2021 due to tough economic conditions and poor tech stock performance