Dec 16 – The Reddit social media platform said on Wednesday it had secretly submitted its first public offering (IPO) proposal to the U.S. Securities and Exchange Commission.
Reddit, known for its message boards that became a daily destination for traders in the meme stock market crisis, was looking at a total of more than $ 15 billion, Reuters reported in September. Learn more
The company is estimated at $ 10 billion in a private fundraising round earlier this year.
The San Francisco-based firm has store investors flocking to its message boards for trading tips on GameStop Corp (GME.N) and other memorabilia stocks.
Reddit had nearly 52 million active users and more than 100,000 communities, or “sub-reddits,” since October last year.
Its major investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings (0700.HK).
Reddit did not disclose the number of shares to be offered or the IPO price range in the statement.