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Reddit is going public after submitting its IPO prospectus to the US Securities and Exchange Commission (SEC) on Thursday.

According to CNBC, the social media company wanted to trade on the New York Stock Exchange under the ticker symbol "RDDT."

Its upcoming market debut, slated for March, marks the first major tech initial public offering (IPO) in 2024 and the first social media IPO since Pinterest's move to go public in 2019.

Reddit Files to List IPO on NYSE

According to the filing, Reddit recorded $804 million in annual sales for 2023, a 20% increase from the previous year's $666.7 million. The company primarily relies on revenue from online advertising through its website and mobile application.

However, it must be noted that Reddit has faced ongoing net losses since its inception. In 2023, it reported a net loss of $90.8 million, but it was still a notable improvement from the $158.6 million loss recorded the year before.

'RDDT'

The platform boasts over 100,000 communities, with an average of 73 million daily active uniques (DAUq) and 267 million weekly active uniques.

However, Reddit's US average revenue per user (ARPU), as of the fourth quarter of 2023, declined to $5.51 from $5.92 in the previous year, while its global ARPU dropped 2% year-over-year or from $3.49 to $3.42.

With its IPO filing, Reddit aims to capitalize on its vast user base and engagement levels while addressing concerns surrounding its advertising revenue model as it prepares to enter the public market under the symbol "RDDT" on the NYSE.

According to deal-tracking service PitchBook, Reddit has a post valuation of $10 billion after raising about $1.3 billion in funding.