Reddit Confidentially Files for IPO

Social media platform Reddit announced on Wednesday that it has confidentially filed for an initial public offering (IPO) of its common stock.

Reddit said that the number of shares to be offered and the price range have not yet been determined, and the company’s statement seen by Bloomberg did not disclose the proposed offering’s target valuation.

In September, however, a media report citing people familiar with the matter said that the company was seeking to raise $15 billion when it lists in the U.S. stock market, although the sources cautioned that details were still subject to market conditions.

Details of the company’s finances will be disclosed in a public filing if the offering pushes through.

Having hired its first chief financial officer in March, Reddit had raised $10 billion in private funds and generated $100 million in advertising revenue for the first time earlier this year, the company said in a statement in August.

The website, known for its message boards on a variety of topics, attracted a surge of interest after a forum on the site, WallStreetBets, shook the stock market by exchanging tips on trading GameStop Corp. and “meme” stocks.

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