Social content website Reddit has confidentially filed to go public with US securities regulators, after rising to popularity amid the meme stock frenzy earlier this year.
According to a draft registration filing seen by Reuters, Reddit has confidentially filed for a US IPO with the SEC. Although the company failed to reveal the number of shares that would be offered or their price range, the social news website was anticipating a valuation of around $15 billion by the time of its public debut.
Reddit has approximately 52 million daily users, who can engage on more than 100,000 communities, or “sub-reddits,” according to data from October 2020. As cited by Reuters, the company’s advertising revenue hit $100 million between April and June of this year, marking a nearly three-fold increase from the second quarter of 2020.
Some of Reddit’s largest investors include Fidelity Investments, Sequoia Capital, Andreessen Horowitz, as well as Tencent Holdings. The company saw its growth soar recently, after retail investors used its message boards to coordinate trading of GameStop and other popular meme stocks.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.