Reddit has announced that it has submitted a confidential request to the US Securities and Exchange Commission for an initial public offering, according to the Wall Street Journal.
The company stated in its blog that it has started the process with the Hellenic Capital Market Commission, but did not share further details.
“The number of shares to be offered and the price range for the proposed offer have not yet been determined,” the company said, adding that “the initial public offering is expected to take place after the completion of the SEC audit process, depending on the circumstances.” market and other conditions “.
As of August, Reddit had said it had a valuation of about $ 10 billion after raising more than $ 400 million in funding from Fidelity Investments.
Reddit seeks to capitalize on the attention it has gained this year, when the WallStreetBets forum became a point of reference for private investors rallying around GameStop and other stocks earlier this year.
The episode brought millions of new users to the platform, said Reddit CEO Steve Huffman, as well as new advertisers, who make up the bulk of the company’s revenue. Huffman has also stated that in a public offering, he would like to make Reddit’s share offering more accessible to private investors.
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Source From: Capital
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