Social media platform Reddit said on Wednesday it had confidentially filed for a proposed initial public offering (IPO) with the US Securities and Exchange Commission.
Reddit, known for its message boards that became the go-to destination for day traders during this year’s meme stock frenzy, was looking at a valuation of more than $15 billion (roughly Rs. 1,14,380 crore), Reuters had reported in September.
The company was valued at $10 billion (roughly Rs. 76,260 crore) in a private fundraising round earlier this year.
The San Francisco-based firm had retail investors flocking to its message boards for tips on trading GameStop and other meme stocks.
Reddit had roughly 52 million daily active users and over one lakh communities, or “sub-reddits,” as of October last year.
Its biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.
Reddit did not disclose the number of shares to be offered or the price range of the IPO in the statement.
© Thomson Reuters 2021
For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.
India Approves Rs. 1,300-Crore Plan to Promote RuPay Debit Cards, Rivalling Visa, Mastercard
Bitcoin, Ether, Top Cryptocurrencies See Gains; Price Chart Looks Christmas-Ready in Green
![]()
Related Stories
For all the latest Technology News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
