Reddit confidentially files to go public

Published: Updated:
Read Mode
100% Font Size
1 min read

Social media platform Reddit said on Wednesday it had confidentially filed for a proposed initial public offering (IPO) with the US Securities and Exchange Commission.

For the latest headlines, follow our Google News channel online or via the app.

Reddit, known for its message boards that became the go-to destination for day traders during this year’s meme stock frenzy, was looking at a valuation of more than $15 billion, Reuters had reported in September.

The company was valued at $10 billion in a private fundraising round earlier this year.

The San Francisco-based firm had retail investors flocking to its message boards for tips on trading GameStop Corp and other meme stocks.

Reddit had roughly 52 million daily active users and over 100,000 communities, or “sub-reddits,” as of October last year.

Its biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings .

Reddit did not disclose the number of shares to be offered or the price range of the IPO in the statement.

Read more:

Saudi Tadawul Group sets price range for IPO at $25 to $27 per share

‘Silver is the new GameStop’: Price boosted by online movement

For GameStop day traders, the moment they’ve dreamed about

Top Content Trending