Reddit IPO: Date, Price, and Valuation

The Reddit IPO date was Thursday, March 21st, 2024. SoFi Invest and Robinhood both provided IPO access. Investors can now own Reddit stock through any broker. 

Read the S-1 Filing and IPO Terms below. Reddit offered 1.76 million IPO shares (8%) to 75,000 of its most prolific Redditors. Confirmed in S-1. See the Directed Share Program below for more. 

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Recent Reddit IPO Stock News

03/21/2024: Reddit Stock First Trade is $47
03/20/2024: Reddit IPO Prices at $34 per share. 
03/17/2024: Reddit’s IPO is 5X oversubscribed
03/15/2024: Scott Galloway:  Icebreaker
03/15/2024: FTC conducting inquiry into Reddit ahead of IPO
03/11/2024: Reddit IPO available on SoFi and Robinhood
03/11/2024: Reddit IPO Terms Released
Older news…

What is Reddit?

Reddit is a social media company that aspires to be the heart of the internet. The website offers news aggregation, discussion forums, and content ratings (upvote/downvote) for member posts within subreddit online communities. 

Subreddits are user-created and moderated online communities. Each has specific rules and content moderation policies to ensure community posts adhere to the founders’ intent of each subreddit. 

Reddit consistently ranks in the top 20 most visited websites worldwide. 

Founded by University of Virginia students in 2005, Reddit is one of the longest private venture-backed startups in the IPO pipeline. 

The Reddit IPO is just around the corner. Here the latest Reddit IPO video — Part 2:

Is Reddit Stock Publicly Traded Today?

Yes. 

When is the Reddit IPO Date?

The Reddit IPO date was Thursday, March 21, 2024. The IPO priced at $34 per share and opened at $47 per share for a 38% gain. 

The stock began trading at 1:15 pm ET. What time do IPOs begin trading?

Reddit released its S-1 to the public on February 22nd, 2024 and updated the document on March 11th.

Other social media companies in line to IPO in the next few years include Triller, the Whatnot shopping app, Patreon, and the community platform Discord. 

What is the Reddit Stock Symbol? Reddit Ticker?

The Reddit stock symbol is “RDDT” and trades on the NYSE.

Reddit IPO Terms

• Common Stock Offered: 22 million shares
• Reddit IPO Price: $34
• Opening Trade: $47 (+38%)
• IPO Pricing Date: Wednesday, March 20th, 2024
• Reddit IPO Date: Thursday, March 21st, 2024
• Reddit Ticker: “RDDT”
• Reddit IPO Valuation: $6.4 Billion
• Raise: $748 million
• Lead Underwriters: Morgan Stanley, Goldman Sachs, JPMorgan
• Reddit IPO roadshow

Where can I find the Reddit S-1 Filing?

The Reddit S-1 filing is now available. Here is the February 22nd, 2024 version. 

Get the latest versions as they become available on the SEC website

In the meantime, you can check out the most recent S-1 filings in our filings feed. 

What is the Reddit Stock Price?

The Reddit IPO price was $34. The stock began trading on Thursday, March 21st, at 1:15 pm ET. 

Who Owns Reddit?

Reddit owners include the founders, early investors, employees, venture capital firms, and celebrity investors. 

Prominent venture capital investors include Andreessen Horowitz, Sequoia Capital, Coatue, Fidelity, Tencent, and Vy Capital. 

Several high-profile and celebrity investors have also invested in Reddit, including Sam Altman, Marc Andreessen, Peter Thiel, Ron Conway, Snoop Dogg, and Jared Leto.

Reddit last raised money in August 2021, collecting $700 million in Series F funding. The company has raised around $1 billion in venture capital funding. 

What was the Reddit Pre-IPO Valuation?

The August 2021 fund raise confirmed the Reddit valuation at $10 billion.

Reporting about a potential Reddit IPO indicates the company aims to raise IPO funding at a $15 billion valuation. 

However, private market data provided by Hiive suggested the Reddit valuation was closer to $4 to $5 billion headed into the IPO. 

How to Invest in Reddit Stock

Buying private shares will likely become more challenging as Reddit approaches its IPO date. Current shareholders are less likely to liquidate in private transactions when a public transaction is near. 

Aspiring shareholders can increase their chances of early equity ownership or obtain shares in the IPO by taking the actions outlined below.

A small portion of Reddit community leaders may receive a direct opportunity to invest. Watch your emails. 

1. Buy the stock after the Reddit IPO

Investors can now own Reddit stock like any other stock, through an online broker.

2. Access Reddit IPO Shares Through a Broker

***The IPO is complete*** No longer available. 

Now that Reddit is pursuing an IPO to become a public company, nimble investors may find investment opportunities via participating online brokers.

At an estimated $15 billion valuation, there will be significant share volume to distribute, though it will likely be oversubscribed and difficult to acquire shares. 

The following online brokers give their users access to IPOs. Robinhood and SoFi has confirmed they will offer IPO access to the Reddit IPO.

• SoFi Invest 
• Robinhood

IPO underwriters control where IPO shares get distributed.

Goldman Sachs has a history of distributing shares to retail brokers and is one of the firms working with Reddit. However, Morgan Stanley is also present and has the opposite history and reputation.

Many shares will go to the underwriters’ wealthy clients. We learn about this access in the S-1 filing, which comes out a month or two before the IPO, and then get updated with more details as the IPO approaches.

Usually, one week out, we learn which brokers will get access. 

The brokers in the list above are the most likely to offer shares to retail investors because they have processes built into their platforms. 

TradeStation has a long track record of accessing more than 360 IPOs and secondary offerings via its partnership with ClickIPO. 

Robinhood and SoFi Invest have the advantage of Silicon Valley networks, which could be helpful with Reddit.

There may be enough retail shares for multiple brokers to get an allocation. 

Read the S-1 filing to find mentions of these online brokers to identify opportunities. 

Check out this list of best brokers for IPO investing to learn more about IPO access for retail investors.

3. Invest via a Directed Share Program (Complete)

The Reddit community got a chance to invest in the Reddit IPO.

Up to 75,000 of Reddit’s most prolific users could participate in the Reddit IPO. 

Here are the Directed Share Program terms from the S-1 filing:

As a community platform, Reddit is committed to providing users and moderators with an opportunity to participate in this offering. At our request, and reflecting our desire to set aside a significant number of shares for certain of our users and moderators, the underwriters have reserved up to 1.76 million shares of our Class A common stock, or 8% of the shares offered in this offering, for sale at the initial public offering price through a directed share program to:
• eligible Reddit users and moderators;
• certain members of our board of directors; and
• friends and family members of certain of our employees and directors.

Users and moderators who created an account on or before January 1, 2024 are potentially eligible for the directed share program. Eligible participants must reside in the United States and be at least 18 years of age. Further, eligible users and moderators must be in good standing on our platform and cannot be a current or former Reddit employee.

We will invite users and moderators to participate in the directed share program in six phased priority tiers. We will assign each eligible participant to a tier based on that participant’s contributions to Reddit. User contributions will be measured in karma (a user’s reputation score that reflects their community contributions). Moderator contributions will be measured by membership and moderator actions on our platform. If demand for the directed share program in an earlier tier exceeds capacity, eligible users and moderators will have the option to join a waitlist. An invitation to participate in the directed share program does not guarantee that the participant will receive an allocation of shares. Accordingly, we cannot provide any assurance that any eligible participant will receive an invitation or an allocation in the directed share program.

Shares purchased through the directed share program will not be subject to the terms of the lock-up agreement or market standoff restrictions.
The number of shares of Class A common stock available for sale to the general public will be reduced to the extent that such persons purchase such reserved shares. Any reserved shares not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. will administer our directed share program.

When companies file their S-1 SEC filing (to kick off the IPO process), they sometimes include a directed share program for executives, affiliates, and loyal customers.

Reddit can attribute its success to its leading community members. Companies can use the IPO as an opportunity to reward them.

This has happened before.

• Uber offered shares to drivers who completed a certain number of trips.
• GoPro offered shares to its email list. 
• Airbnb offered IPO shares to hosts. 
• Robinhood offered IPO shares to its customers. 

A directed share program is now likely in the Reddit IPO, so users should still monitor emails leading up to the IPO. 

However, users should perform due diligence before investing. 

Bookmark this page for more information as the IPO approaches. 

4. Monitor Reddit stock availability on pre-IPO investing platforms

***No longer an option***

Non-accredited retail investors can bypass the accreditation requirement to own pre-IPO companies by owning the Fundrise Innovation Fund.

But pre-IPO investors cannot select individual companies, and Reddit stock is currently not present in the portfolio.

I have seen evidence of Reddit stock being available on pre-IPO platforms. 

Investors can still monitor pre-IPO investing platforms such as EquityZen, Hiive, Forge Global, and Linqto for share availability. 

Expect to pay at least a $10,000 investment minimum. In some cases, the minimum investment is much higher. 

Signing up for online access to pre-IPO data and deal alerts is free. 

Please note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.

Reddit News Archive

03/07/2024: Reddit’s pre-IPO roadshow to kick off next week
03/01/2024: Why Reddit Users Have Turned Against the IPO
02/26/2024: Is Reddit the Next Meme Stock?
02/22/2024: Reddit IPO Filing is Live
02/21/2024: Reddit Plans to Sell Stock to Loyal Users 
02/16/2024: Reddit Signs AI Content Licensing Deal Ahead of IPO
01/28/2024: Reddit Advised to Target at Least $5 Billion Valuation in IPO
01/22/2024: Reddit’s March IPO could buoy its ads business 
01/18/2024: Reddit seeks to launch IPO in March
11/27/2023: Reddit Leads Class of 2024 IPO Candidates
01/07/2022: Reddit Taps MS and GS for IPO
12/15/2021: Reddit files confidentially to go public
08/12/2021: Reddit Secures Funding to Continue Growth Plans
02/08/2021: Reddit raises $250 million in Series E funding
02/11/2019: Reddit valued at $3 billion
07/31/2017: Reddit raised $200 million in funding 
09/07/2014: Reddit Raising a Big Round at $500 Million Valuation

Conclusion

Reddit community members had a chance to invest in the online destination that many call their internet home.

Reddit was one of the highest-profile deals in 2024. Fellow social media platform Triller and the SHEIN IPO could also IPO in 2024. 

Now that the stock is live, perform the usual due diligence before investing. Invest in pre-IPO and IPO companies at your own risk.