Reddit aims to raise $750 mn in stock market debut

Reddit plans to raise some $750 million with its initial public offering of shares , using the money to improve the platform and its money-making power, according to a regulatory filing on Monday.

'The front page of the internet'

The New York Stock Exchange debut of the platform that bills itself as "the front page of the Internet" when it comes to hot news will be a test of an IPO market that has been idling since the middle of last year.

$31-34 price range for IPO

A date for the initial public offering of shares has yet to be set. The San Francisco-based company said in the filing that it will issue 15.2 million shares priced between $31 and $34.

First 'Social Media' IPO since 2019

Reddit's IPO will be the first for a social network since Pinterest went public in 2019.

Founded in 2005, the platform is home to more than 100,000 online communities devoted to a sweeping range of topics and was visited by an average of 73 million people daily, according to a filing Monday with the Securities and Exchange Commission (SEC).

Business model like Facebook, YouTube

Like Facebook, Instagram, YouTube and TikTok, Reddit's business model is based on advertising, but despite its popularity, the platform has never managed to turn a profit.

Plans for monetization include licensing data for training large language models (LLMs) that power artificial intelligence, according to an SEC filing.

Vocal users: Boon or bane?

Reddit's users can be vocal: Last year moderators of communities at Reddit held a major protest over new fees for developer access to the platform.