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.
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 number of shares to be offered and the price range for the proposed offering have not yet been determined,” Reddit said in a blog post.
“The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” it added.
The San Francisco-based firm had retail investors – the Reddit ‘army’ – flocking to its message boards for tips on trading GameStop 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.
In 2o19, Reddit raised $150 million from China’s Tencent as part of a $300 million series D fundraise that valued the social emdia site at $3 billion.
“The deal makes for an odd pairing between one of the architects of China’s Great Firewall of censorship and one of America’s most lawless free-speech forums,” the new economy website TechCrunch wrote at the time.
- Reuters with editing by George Russell
The photo was changed on this report on December 16.
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