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.
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.
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.