Reddit, a social media platform with message boards for interest-based communities, raised $748 million by offering 22 million shares (31% secondary) at $34, the high end of the range of $31 to $34.
Reddit describes itself as a global, digital city where users around the world can join communities, called "subreddits," to learn, engage in conversation, and explore passions, among other activities. The platform has over 100,000 active subreddits, with over 500 subreddits that each have at least one million subscribers. In December 2023, Reddit had more than 500 million visitors, and in the three months ended December 31, 2023, it had an average of 73.1 million daily active uniques (DAUq). The company generates substantially all of its revenue from advertising, though it also generates revenue from data licensing, Reddit Premium subscriptions, and products within its user economy, and it is working to grow new revenue streams.
Reddit plans to list on the NYSE under the symbol RDDT. Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Citi, Deutsche Bank, and MUFG acted as joint bookrunners on the deal.
