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Reddit Files To The Securities And Exchange Commission On Going Public

Reddit has announced it has filed with the Securities And Exchange Commission of its intention to go public on Wednesday 15 December 2021. This confidential submission of this draft statement relates to its proposed public offering.

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Pricing for its proposed shares is still not yet known nor is the total price of its total valuation. Also, the company is not disclosing the number of shares it will be issuing, as it is in a quiet period.

The quiet period is a mandatory period set by the Securities And Exchange Commission based on regulatory checks and reviews. Reddit will be listing its company on the Nasdaq exchange, where most technology companies trade their stocks.

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Probably arriving late to going public, Reddit started in 2005 growing to more than 50 million daily users as of today. It recently raised $700 million in its Series E funding campaign reaching a valuation of $10 billion.

It has been doing well financially, making its first $100 million revenue in advertising for the second quarter of 2021. That’s a 192% jump from the same period last year and it’s currently diversifying to increase those numbers.

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Recently, Startup Rivian went public, its IPO reaching almost $80 billion making history as the sixth biggest initial public offering. The Rivian stock soared as high as $106 and then settled around $78 on November 11 2021.

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Nasdaq

This high valuation is a testament to how much value, investors believe its stock would hold in the future. Tesla is the most expensive and popular electric vehicle stock and Rivian is heading in that direction.

Surprisingly, the company is yet to make a profit just like Tesla in its early days. Rivian will be burning a lot of cash in order to start producing and delivering all of its 3 electric vehicles by the end of the year.

Interestingly, the company says it has made a $994 million net loss for the first half of 2021 and $1.02 billion for the whole of 2020. It currently has no revenue for the first half of 2021. “We are a development stage company and have not generated material revenue to date,” Rivian writes in the filing. “Vehicle production and deliveries began in September 2021.”

Reddit’s strong customer base and recent strong financials should boost its current valuation of $10 billion. It’s possible those numbers could increase 5X when it finally goes public.

 

 

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