Reddit has chosen the New York Stock Exchange for an initial public offering that the company is planning later this year, sources familiar with the matter told the Financial Times.
If the initial public offering is implemented on the New York Stock Exchange, it will be a victory for it in its permanent competitive battle with Nasdaq. The Nasdaq usually dominates the market in terms of technology sector listings, although the New York Stock Exchange has previously won listings for major companies such as Uber and Spotify.
The decision is scheduled to be approved before the initial public offering scheduled for next month, in the latest encouraging sign of the return to life of the initial public offerings market in America after two years of limited activity.
Reddit had submitted a secret application for an initial public offering in December 2021, but it backed off from moving forward with the plan amid a decline in technology company stocks in the face of macroeconomic challenges and a decline in advertising.
An informed source indicated that Reddit is targeting an initial valuation of at least $5 billion when it begins trading, but it is less than the $10 billion announced when implementing its latest private fundraising round in 2021.
If the IPO is implemented, it will be the first in the social media sector since the listing of Pinterest in 2019.
