This Major Social Media Platform Said To Be Planning An IPO Later This Year

Social media website Reddit reportedly plans to go public in the second half of 2023.

What Happened: The company is preparing for the initial public offering while it waits for the market conditions to get better, The Information reported on Tuesday, citing people familiar with the matter.

Also waiting for the conditions to improve is the grocery delivery firm, Instacart, according to the report.

Reuters reported on the development earlier in the day. 

Reddit did not immediately respond to Benzinga’s request for comment.

See Also: Reddit Is Going Public, Should You Buy The IPO

Why It Matters: Turbulence in tech stocks and volatile capital markets have impacted investor appetites for IPOs, noted Reuters.

In December 2021, Reddit confidentially filed paperwork to go public. At the time, the market conditions were markedly different due to the retail-investor-fueled euphoria. 

Reddit had said at the time that the number of shares to be offered and the price range for the proposed offering were as yet undetermined. 

Those investors mainly held discussions on Reddit’s platform. Reddit rival Twitter is now a private company in the hands of Tesla and SpaceX CEO Elon Musk.

Facebook and Instagram operator Meta Platforms Inc META went public in May 2012. The shares debuted at $38 per unit at the time. 

Donald Trump’s social media venture, Trump Media and Technology Group, is slated to go public via a merger with the blank check company Digital World Acquisition Corp. DWAC.
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