In what is sure to be one of the hottest public offerings in tech in years, Reddit has announced it has officially filed to go public. But for now, Reddit is holding its cards close to its chest and hasn’t revealed much information other than it will go public. Here’s what you need to know:
- What is Reddit? Reddit is the uber-popular social media platform that is known as “the front page of the internet.” Reddit is essentially a massive message board with millions of active and committed users sharing everything from their thoughts on politics to instructions for how to bake the perfect cookie. The company was founded in 2005.
- How is Reddit going public? In the very brief announcement the company made, Reddit said it will go public via a traditional initial public offering, or IPO. Yep, no SPACs here.
- How many Reddit shares will be available for its IPO? No one knows yet–not even Reddit, apparently. The company’s statement notes “The number of shares to be offered and the price range for the proposed offering have not yet been determined.”
- How much will Reddit shares cost? That too is unknown. See the above statement.
- What market will Reddit trade on? That’s not known at this time either.
- What will Reddit’s stock ticker be? You guessed it: no one knows yet.
- What do we know? Only that Reddit has confirmed it has “confidentially submitted a draft registration statement on Form S-1” with the SEC to take itself public.
- Why is Reddit being so secretive? The company honestly may not know how many shares it wants to offer at this point or have decided how much it wants to raise. And given Reddit’s IPO is expected to be one of the hottest of the year (whenever that is – likely 2022) the company probably doesn’t want to announce details, which could change, until closer to the IPO.