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 (roughly Rs. 1,14,380 crore), Reuters had reported in September.
The company was valued at $10 billion (roughly Rs. 76,260 crore) 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 and other meme stocks.
Reddit had roughly 52 million daily active users and over one lakh 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.
© Thomson Reuters 2021