Dec 16 (Reddit) – Social media platform Reddit said on Wednesday (Dec 15) 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 US$15 billion, Reuters had reported in September.
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The company was valued at US$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 and other meme stocks.
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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.
Reddit did not disclose the numb.
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