Reddit Files To Become Meme Stock Of Its Own

Reddit injected a little life in the market at the beginning of this year, and it’s hoping to do the same at the beginning of next.

Reddit Inc., the social media platform that helped fuel this year’s meme stock frenzy, said it has confidentially filed for an initial public offering…. The company, which was valued at $10 billion by investors in a funding round this summer, didn’t disclose what valuation it would seek in the IPO.

Nor did online marketing tech shop Rokt, but suffice it to say that it’s a lot more than it would have been six months ago.

The funding round, led by investment firm Tiger Global Management, values the company at $1.95 billion, Rokt said. A round last year valued the company at about $450 million. Rokt is targeting an initial public offering in the U.S. in 2023, Chief Executive Bruce Buchanan said.

Reddit Files for IPO After Igniting the Year’s Meme Stock Frenzy [Bloomberg]
Rokt Raises $325 Million as It Preps for Planned IPO [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.