Reddit has filled its initial public offering with the Securities and Exchange Commission.
The kick-off will mark the first major tech initial public offering of the year and the first social media IPO since Pinterest went public in 2019.
The social media company was founded by technology entrepreneurs Alexis Ohanian and Steve Huffman in 2005.
Just over a year after its launch, it was acquired by Conde Nast Publications, a division of Advance Publications. It provided Reddit with the resources and exposure needed for further growth.
Last week, the social media platform started contacting select users to inform them about the opportunity to participate.
Reddit has set up a ‘direct share programme’ which allows a select number of users to participate and the chance to buy shares in an IPO is primarily reserved for institutional investors.
Users who don’t receive invitation emails can pre-register to buy shares in the IPO between March 1 and March 5.
According to its FAQ page, “The invite-only phase gives our ride-or-dies first dibs on pre-registering, while the open pre-registration phase is for all Redditors,”
