Reddit Files Confidentially for IPO – The Wall Street Journal

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Reddit Inc. said it has filed confidential paperwork to Reddit Inc.’s U.S. Securities and Exchange Commission to launch the first public offering. This announcement is coming at the end of an excellent year for debuts on the stock market.

In august, Reddit stated that it was carrying an estimated valuation of $10 billion following the acquisition of around $400 million through Fidelity Investments Inc. On February 1, the social media company announced that it had raised $500 million, with the $6.5 billion value.

The company announced in a blog that it had begun the process in the SEC but did not disclose any additional information.

“The number of shares that will be sold and the price for the planned offering has not been decided yet,” it said in the announcement. “The first public offer is anticipated to take place following the SEC has concluded its review process subject to market and other requirements.”

Reddit on Wednesday said it has submitted confidentially a draft registration statement to the Securities and Exchange Commission to go open to the public.

The social media company made the filing, however, it didn’t make its filing publically accessible.

The company recently announced that it has raised $700 million in August 2021 with an investment of more than $10 billion.

Reddit is looking to increase the amount of interest it attracted in the beginning of the year, its WallStreetBets forum was a popular forum for individual investors who have rallied around GameStop Corp. and other stocks.

The incident has brought thousands of users who were not previously there, Reddit CEO Steve Huffman stated in his post-event statement and also new advertisers, which is the major source of the company’s revenues. Huffman has also stated that if there were an IPO the company would like to make the share offering more accessible to investors of all levels.

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