Reddit Inc., the social media platform known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, announced on Wednesday that it has confidentially filed for an initial public offering.
According to the San Francisco-based company's statement, the number of shares and proposed price range for an IPO haven’t been determined. It said the listing is expected to occur after the U.S. Securities and Exchange Commission completes its review process, subject to market and other conditions.
Founded in 2005 by the trio Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit has been different than the other social media platforms. The social media platform was acquired in 2006 by Conde Nast Publications. The social media services remained a part of the publication company until it was made an independent subsidiary in 2011. Since then, it raised a series of funding rounds from venture capital firms.
In February, Reddit said it had more than 50 million daily users. The website hosts message boards on a wide variety of topics, counting more than 100,000 active groups.
In August 2021, the company announced that it had raised a $700 million round at a valuation of more than $10 billion.
