Reddit, the self-proclaimed “front page of the internet” is on track to price its IPO on Wednesday post-close, and begin trading on the NYSE on Thursday, March 21, under the ticker RDDT.
Reddit was last valued privately at about $10 billion during the 2021 tech boom when it raised a Series F round at $61.79 per share. The company now targets a fully diluted market cap of $6.1 billion, based on the midpoint of its $31 to $34 range, for an enterprise value of $4.6 billion (5.7x LTM sales).
How Reddit Compares to Social Media Peers, Now and at IPO
Investors will no doubt compare Reddit with publicly-traded social media peers such as Pinterest (PINS; 2019 IPO), Snap (SNAP; 2017 IPO), and Meta Platforms (META; 2012 IPO). Below we show a side-by-side comparison of the four companies, including a look at key financial metrics both today, and at the time of their respective IPOs.
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