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Reddit, the social news community giant, released a statement that it has confidentially filed with U.S. securities regulators to go public.
The number of shares to be offered and its price range for the proposed offering have yet to be determined by the company.
“We are in a quiet period, and for regulatory reasons, we cannot say anything further,” Reddit announced in their press release.
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Founded in 2005 by Steve Huffman and entrepreneur Alexis Ohanian, Reddit was valued at $10 billion in a private fundraising round led by Fidelity Investments earlier this year.
It was reported in September that Reddit was hoping for a more than $15 billion valuation by the time an IPO takes place.
Early this year, one of its subreddits, WallStreetBets blew up and made headlines for its enormous rally in holding GameStop shares to prevent a massive short sell by hedge funds.
A new category known as “meme stocks” was created, which refers to the shares of a company that have gained a cult-like following especially with Redditors via social media platforms.
As of December 2020, Reddit has more than 50 million daily visitors and hosts 100,000 active subreddits.
That number, albeit smaller in comparison to their social media rivals, is still growing rapidly as seen recently.
The sixteen-year-old San Francisco-based company reported $100 million in advertising revenue during Q2, up 192% from the same period last year.
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