Reddit may finally be moving forward with its IPO after laying the groundwork for nearly two years.
Reddit hired its first CFO in early 2021 in what many saw as one of the first major steps toward an IPO. At the end of 2021, the company filed paperwork with the SEC to go public, but little forward movement has happened since then, thanks to the economic downturn and other factors.
According to The Information, however, it appears the social media company is once again moving forward. The outlet’s sources say the company plans to move forward later this year, likely in the second half.
Interestingly, unlike other tech firms — ServiceTitan, StockX, and Cohesity — that have allowed their IPO paperwork to lapse, thereby taking the option off the table in the short term, Reddit has been maintaining its filing with the SEC. This would support The Information’s sources, essentially keeping Reddit in a ‘holding pattern’ until the market improves.