Reddit registers secretly to go public
Shares of Reddit, a popular social media network, have been privately registered with the US Securities and Exchange Commission for an initial public offering (IPO).
In September, Reuters claimed that Reddit, the site that became the go-to destination for day traders during this year’s meme stock craze, was valued at more than $15 billion.
In a private funding round earlier this year, the company was valued at $10 billion.
Retail investors from all around the world flocked to the company’s discussion boards in search of trading advice on companies like GameStop Corp. and other memes.
As of October of last year, Reddit has 52 million daily active users and more than 100,000 communities, or “sub-reddits,”
Fidelity Investments, Andreessen Horowitz, Sequoia Capital, and Tencent Holdings are among of the company’s most prominent backers.
There was no mention in the statement of the IPO’s price range or the quantity of shares that will be offered.