Reddit revealed more than $800mn in sales and narrowing losses as it unveiled a prospectus ahead of its long-delayed initial public offering, outlining plans to allot a portion of its shares to retail investors and users of its social network.
The first major tech group flotation of 2024 will test the strength of the US IPO market after two lacklustre years. Under the ticker RDDT, the company is poised to list on the New York Stock Exchange early next month.
The number of shares sold to retail and Reddit users would be “significant”, the company said.
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