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Reddit's Encore on the IPO Stage: Testing Waters Again

The colossal social platform Reddit is back in the spotlight, playfully testing the IPO waters yet again
By Josefina Dipaolo
November 28, 2023

The social media behemoth, Reddit, is once again making waves in the financial world as it reportedly dips its toes back into the IPO waters. According to Bloomberg's Monday report, Reddit is engaged in discussions with potential investors, contemplating an initial public offering (IPO) as early as the first quarter of the upcoming year. This revisitation comes after a previous attempt in December 2021, where Reddit confidentially submitted IPO plans to the Securities and Exchange Commission, only to shelve them later. Join us as we unravel the unfolding narrative of Reddit's potential IPO encore and what it signifies for the company's future.

Founded in 2005 by Steve Huffman, Aaron Swartz, and Alexis Ohanian, Reddit has been at the forefront of online communities. In December 2021, the company, based in San Francisco, had set its sights on going public, having confidentially submitted a draft registration statement. Plans were afoot, fueled by a substantial $410 million financing round led by Fidelity, placing Reddit's valuation at a robust $10 billion. With aspirations to conclude the Series F round at $700 million, optimism was in the air.

However, the IPO plans took an unexpected turn, and despite tapping Morgan Stanley and Goldman Sachs in January 2022, Reddit deferred its listing ambitions. Back then, speculations had circled around a valuation as high as $15 billion.

As Reddit considers re-entering the IPO arena, the crucial question remains: at what valuation will it go public in the coming year, should the offering materialize? With the company currently in a quiet period, a response from Reddit's spokesperson conveyed through email to TechCrunch maintained a tight-lipped stance, citing the inability to comment during this phase.

The saga of Reddit's potential IPO continues, with the social media giant once again contemplating a public debut. The unfolding narrative brings to the fore questions of valuation and strategic timing. As the first quarter looms on the horizon, the industry waits with bated breath to see if Reddit's encore on the IPO stage will evolve into a headline-grabbing performance, marking a significant chapter in the company's trajectory.

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