Reddit files with the SEC to go public

Reddit has taken a big step to go public. In a press release, the company disclosed that it has confidentially filed a draft registration statement with the U.S. Securities and Exchange Commission regarding “the proposed IPO of its common stock.” The announcement provides few details about the planned IPO, which is expected to take place after SEC approval.

The social network also said it has yet to determine how many shares will be offered and for how much. It will likely reveal an initial valuation in the near future as it prepares for an IPO, but it’s worth noting that it raised $700 million in August in a funding round at a valuation of more than $10 billion.

According to Reuters, in September, Reddit attempted to hire investment bankers and lawyers as advisors for a planned New York IPO. While the timing of the IPO will depend on market conditions, Reddit apparently hoped the company will be valued at more than $15 billion by the time it’s valued next year. In March, the company also hired Drew Vollero, who led Snap’s IPO in 2017, as its first chief financial officer.

Reddit was founded in 2005 and has since become extremely popular as a news aggregator, message board and social media website. In the second quarter of this year, it generated $100 million in ad revenue for the first time — 192 percent more than what it generated in the same period of 2020. In the future, it plans to find more ways to include video and audio on its website, which could lead to even greater ad revenue.

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