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Latham & Watkins Represents Reddit, Inc. in US$748 Million IPO

March 20, 2024
Multidisciplinary team with extensive technology experience advises on one of the largest IPOs of 2024 to date.

Reddit, Inc., a community of communities, has announced the pricing of its initial public offering of an aggregate 22,000,000 shares of its Class A common stock, 15,276,527 of which are being sold by Reddit and 6,723,473 of which are being sold by certain selling stockholders, at a public offering price of US$34 per share. Reddit will not receive any proceeds from any sale of shares by the selling stockholders. In addition, Reddit has granted the underwriters a 30-day option to purchase up to an additional 3,300,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on March 21, 2024, under the ticker symbol RDDT. The offering is expected to close on March 25, 2024, subject to customary closing conditions.

Latham & Watkins LLP represents Reddit in the offering with a capital markets team led by Bay Area partners Tony Richmond, Rick Kline, and Sarah Axtell, with associates Zuza Gruca, Josh Landis, Angel Marcial, and Chelsea Carlson. Advice was also provided on executive compensation, employment, and benefits matters by Bay Area partners Jay Metz and James Robinson; on SEC regulatory matters by Washington, D.C. partners Alex Cohen, Joel Trotter, Paul Dudek, and Michele Anderson; on public company representation matters by Bay Area partner Bob Koenig and Washington, D.C. partners Brian Miller and William Hackett; on FINRA matters by New York partner Gail Neely; on finreg and fintech matters by New York partners Stephen Wink and Yvette Valdez; on tax matters by Bay Area partner Kirt Switzer, with associates Derek Gumm and Alex Farris; on intellectual property and data privacy matters by Bay Area partner Michelle Gross, with associate Amy Tosi; on securities litigation matters by San Diego partner Colleen Smith and Orange County partner Kristin Murphy; on antitrust matters by Washington, D.C. partner Patrick English; on regulatory matters by Washington, D.C. partners Les Carnegie and Joe Bargnesi, with associates Chris D'Agostino and Elizabeth Annis; on investment regulatory matters by Chicago partner Laura Ferrell, with associate Daniel Filstrup; and on corporate matters by associates Julian Brody and AJ Yoxsimer.