Social networking platform where users gather to share ideas and insights Reddit Inc. has confidentially filled for a United States initial public offering (IPO) with the market regulator, Securities and Exchange Commission (SEC). Reddit made this announcement on December 16.
Earlier in the year, Reddit held a private funding round which left the company with a market valuation of $10 billion. Back in September, the company said it was aiming for over a $15 billion market valuation following its initial public offering.
As of October last year, Reddit had around 52 million daily active users of its platform and more than 100,000 social communities known as ‘sub-reddits.’ The company experienced some exponential growth at the beginning of the year during the time of the so called ‘meme-stocks’.
For the second quarter of the year, the company reported advertising revenue of $100 million denoting an almost 300% increase compared to what the company reported at a similar quarter last year.
The company however failed to reveal the number of shares it will be offering in the IPO or even the IPO share price range in the draft registration statement with the SEC.