Social media firm Reddit said on Wednesday it had confidentially filed for a proposed initial public offering (IPO) with the US Securities and Exchange Commission.
The 16-year-old company, which raised $410 million led by Fidelity in August this year valuing it at $10 billion(roughly Rs. 76,260 crore), said in a statement that it has confidentially submitted a draft registration statement with the US SEC relating to the proposed initial public offering (IPO) of its common stock, reported Business Insider, citing IANS.
"The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions," the company said, according to the report.
According to a Reuters report, Reddit did not disclose the number of shares to be offered or the price range of the IPO. Also, it did not reveal the valuation it would seek in the IPO.
The San Francisco-based company had roughly 52 million daily active users and over 100,000 communities, or ‘sub-reddits,’ as of October last year.
Reddit was founded in 2005, and over the years, has become one of the world’s most influential social media companies. The website hosts message boards on a wide variety of topics.
Since its inception, Reddit has seen a roller coaster ride. It was started by Steve Huffman and Alexis Ohanian, but was acquired by Conde Nast in 2006. This changed the fabric of the company, making it stand apart from other social media contemporaries like Twitter and Facebook.
The company’s biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.
