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Popular internet message board Reddit submitted a draft registration statement with the Securities and Exchange Commission (SEC) outlining its intention to go public. The online forum made waves in early 2021 following the GameStop frenzy and remains a popular propagator of meme-stock hype.
No specifics on the offering have been made public, but Redditors have already begun to discuss the pending IPO on the platform.
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Reddit confidentially submitted a draft registration statement with the SEC on December 15, 2021. The company was valued at over $10 billion following a funding round in August 2021 and hired its first chief financial officer, Drew Vollero, earlier in the year.
Following the confidential submission of its draft registration statement with the SEC, Reddit's intentions to go public are clear. But its financials have yet to be made public. Now, that doesn't mean we don't know anything about what Reddit has been up to. There are a few data indicators investors can use to better gauge Reddit's position in the market.
According to Crunchbase, Reddit has raised a total of $1.3 billion over eight funding rounds. Its most recent funding round took place in August 2021, where the company raised $410 million from Fidelity Management and Research Company. Past investors include Tencent, Sequoia Capital and Vy Capital, among others.
The company is currently valued at $10 billion. We'll update this page and take a closer look at Reddit's financials as soon as its S-1 filing is available to the public.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
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.
You won't be able to buy Reddit stocks on a Canadian stock exchange like the TSX. Instead, you need a Canadian broker that provides access to international stock exchanges.
You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Qtrade, Wealthsimple, Scotia iTRADE and CIBC Investor's Edge.
Interactive Brokers provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
How to buy international stocks in Canada
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.
Note: The dollar amounts in the table below are in Canadian dollars.
Canadians who earn dividends from US stock investments must pay the US Internal Revenue Service (IRS) a 15% withholding tax on their earnings. The rate goes down to 10% for bonds and other interest-yielding US investments.
An exception is made for stock investments held in trusts designed to provide retirement income. This includes RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs that hold US stocks, bonds or ETFs are also exempt from US withholding tax. RESPs, TFSAs and RDSPs are not exempt.
Canadian and international investment income must be declared on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be taxed by both the IRS and the CRA. The CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply in your circumstances.Online stock trading
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