Reddit is about to become the first big social media platform to IPO since Pinterest:Reddit filed its IPO prospectus with the Securities and Exchange Commission overnight, saying it plans to list on the New York Stock Exchange (NYSE) as soon as early March under the ticker RDDT. The prospectus does not include financial details of the planned IPO, but the New York Times cites two sources with knowledge of the transaction as saying the company is looking to hit “a valuation of at least USD 5 bn in its IPO … that is roughly half of the USD 10 bn valuation the company fetched in a 2021 private financing round.”

As a community of communities, the community’s getting a piece: In a relatively unusual move, Reddit is reserving a portion of the offering for 75k of its most prolific users through “a directed share program,” according to the prospectus. The company will also offer shares to other retail investors.

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