Reddit Inc. and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far this year, according to people familiar with the matter.
The people said the company is setting aside about 1.76 million shares in the IPO to be bought by users and moderators who created accounts before Jan. 1. The company is a high-profile addition to the year’s roster of newly and soon-to-be public companies.Astera Labs Inc., a software maker focused on artificial intelligence, said in a filing Friday that it would seek up to $534 million in its IPO, which will likely proceed Reddit’s.
The company reported a net loss of $91 million on revenue of $804 million in 2023, compared with a net loss of about $159 million on revenue of $667 million a year earlier. Redditors have a historically combative relationship with the site, launching revolts over everything from racism on the platform to executives’ staffing decisions.Thousands of members of the WallStreetBets forum — which boasts around 15 million users and helped popularise meme stocks like GameStop Corp. — voted to boost a forum post about shorting Reddit’s stock when it begins trading.The IPO is being led by Morgan Stanley, Goldman Sachs Group Inc., JPMorgan Chase & Co.
The company said that in January it entered into data licensing arrangements with an aggregate contract value of $203 million and terms ranging from two to three years.
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