Reddit says it has filed with SEC to go public

Social media platform Reddit mentioned Wednesday it has confidentially submitted a draft registration with the US Securities and Exchange Commission to go public on Wall Street.

Reddit Inc mentioned in a press release that it has “confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the ‘SEC’) relating to the proposed initial public offering of its common stock.”

The firm mentioned it had not but decided the variety of shares that can be supplied nor the value vary for the inventory.

“The preliminary public providing is anticipated to happen after the SEC completes its review process, topic to market and different circumstances,” added the corporate, which didn’t made the registration kind public.

Created in 2005 by two college students from Virginia, the dialogue platform was purchased in 2006 by Conde Nast, which publishes magazines corresponding to Vogue, The New Yorker and Vanity Fair.

The firm grew to become an unbiased subsidiary in 2011.

The platform introduced in August that it had raised $700 million throughout a fundraising marketing campaign led by Fidelity Management, which valued the community at greater than $10 billion.

Reddit confirmed its affect in January 2021, when a military of small-time inventory merchants, speaking on its pages, rocked Wall Street by betting towards the shares that had gone viral like these of the video retailer chain GameStop.

© 2021 AFP