Reddit confidentially files to go public

Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

Dec 16 (Reuters) – Social media platform Reddit said on Wednesday it had confidentially filed for a proposed initial public offering (IPO) with the U.S. 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. read more

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 (GME.N) 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 (0700.HK).

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

Reporting by Sonia Cheema; Editing by Rashmi Aich

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