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How to buy Reddit stock when it goes public
Here's everything we know so far about the Reddit IPO.
Popular internet message board Reddit submitted its IPO prospectus with the Securities and Exchange Commission (SEC) on Thursday, February 22, 2024, outlining its planned ticker symbol and its financials for 2022 and 2023.
An updated Form S-1 filed on March 11, 2024, shows Reddit plans to offer 22,000,000 shares through its IPO at a range of $31 to $34.
Reddit is a social media platform and online community founded in 2005 by Steve Huffman and Alexis Ohanian. The platform has over 100,000 active communities, 73 million average daily active uniques and 267 million average weekly active uniques, according to the recent filing.
How to buy Reddit stock when it starts trading
Once Reddit goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.
- Compare share trading platforms. Use our comparison table to help you find a platform that fits you.
- Open your brokerage account. Complete an application with your details.
- Confirm your payment details. Fund your account.
- Research the stock. Find the stock by name or ticker symbol and research it before deciding if it's a good investment for you.
- Purchase now or later. Buy your desired number of shares with a market order or use a limit order to delay your purchase until the stock reaches a desired price.
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Latest updates for Reddit stock
March 15, 2024: In an updated IPO prospectus on Friday, Reddit said it’s being probed by the Federal Trade Commission (FTC) for its data-licensing practices, according to CNBC.
March 11, 2024: Reddit has filed with the SEC to offer 22 million shares — including 15.3 million Class A common shares and 6.7 million shares from insiders like CEO Steve Huffman and COO Jen Wong — at between $31 and $34 per share. At those terms, the IPO would raise between $682 million and $748 million, at a fully diluted valuation of between $5.8 billion and $6.4 billion, according to Axios.
March 7, 2024: Reddit will reportedly price its initial public offering on March 20 and start trading on March 21. It also reported that the company is targeting a debut price of between $31 and $34 a share, which is in line with the valuation others have cited at roughly $6.5 billion, according to Inc.com.
March 5, 2024: As Reddit’s initial public offering nears, independent equity-research firm New Constructs is warning investors to avoid the social-media platform’s IPO, claiming Reddit’s offering marks return of “junk stock IPO,” according to MarketWatch.
March 1, 2024: Reddit is seeking an IPO valuation of up to $6.5 billion, according to an insider, as reported by CNBC. The company reportedly plans to price its IPO between $31 to $34 a share.
February 27, 2024: Reddit plans to give a select number of users the chance to become shareholders in its IPO in what’s called a “direct share program,” according to CNN.
February 23, 2024: Reddit filed its Form S-1 with the SEC with its planned ticker symbol, previous financials and other details about its planned IPO.
What we know about the Reddit IPO
Reddit announced on December 15, 2021, that it had confidentially submitted a draft registration statement with the SEC to go public. The company was valued at over $10 billion following a funding round in August 2021.
According to a February Reuters article, Reddit was looking to go public before the end of 2023.
On Thursday, February 22, 2024, Reddit filed its IPO prospectus with the SEC. The company plans to trade on the New York Stock Exchange under the symbol “RDDT.”
Reddit will offer three classes of stock: Each Class A share will get one vote. Class B shares are entitled to 10 votes and are convertible at any time into one share of Class A shares. Class C shares won't get any votes.
On March 11, 2024, Reddit filed an amended Form S-1 with share pricing details. The company plans to offer 22,000,000 shares at an IPO price of $31 to $34.
Reddit’s financials aren’t public — yet
Reddit posted revenue of $666.7 million and $804 million for the years ended December 31, 2022 and 2023, respectively. This comes out to year-over-year revenue growth of 21%. The company’s gross margin for that same period was 84% and 86%, respectively. However, the company is still incurring a net loss. It reported a net loss of $158.6 million in 2022 and $90.8 million in 2023.
We’ll update this page with more information when it becomes available.
How do similar companies perform?
It's impossible to predict how any stock will perform — and IPOs can be particularly volatile. Looking at the performance of similar companies can help you decide if now is a good time to buy Reddit stock.
See how the following stocks are performing, and view details like market capitalization, the price-to-earnings (P/E) ratio, price/earnings-to-growth (PEG) ratio and dividend yield.
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Finder is not an adviser or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
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