Proactive Investors - Reddit, the popular social media platform, has put together detailed plans to launch its initial public offering (IPO) in March, Reuters reported on Thursday, citing people familiar with the matter.
Reddit, which filed confidentially for its IPO in December 2021, is planning to make a public filing in late February then launch its roadshow in early March, the media outlet noted.
The company, which was valued at about $10 billion in a funding round in 2021, is looking to sell about 10% of its shares in the IPO, according to the sources.
Reddit is best known for its niche discussion groups and its users voting "up" or "down" on the content posted by other members.
The company is expected to generate about $800 million in advertising revenue in 2023, up more than 20% from a year ago, The Information reported in December.
Reddit has yet to turn a profit, though, company founder Steve Huffman wrote in a Reddit post last June, attributing its losses to investing in the platform and its users engaging less with advertising on its site than other social media.
Reddit would be the first IPO of a major social media company since Pinterest (NYSE:PINS)'s debut in 2019.