The Information reported on Tuesday that social media platform Reddit Inc is planning to go public later this year, most likely in the second half, citing people familiar with the matter.
According to the report, Reddit and other companies, like the grocery delivery service Instacart, are keeping their paperwork for their initial public offerings (IPOs) up to date so they can go public when market conditions get better.
Last year, the IPO market came to a halt, with several high-profile listings put on hold as a selloff in high-growth tech stocks and volatility in the capital markets soured investor sentiment.
After the company’s message boards became the go-to destination for day traders during the meme stock frenzy, Reddit filed for an initial public offering with the US Securities and Exchange Commission in December 2021.
