© Reuters. FILE PHOTO: Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -Social media platform Reddit said on Wednesday it had confidentially filed for a proposed initial public offering (IPO) with the U.S. 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, Reuters had reported in September.
The company was valued at $10 billion 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 Corp (NYSE:) and other meme stocks.
Reddit had roughly 52 million daily active users and over 100,000 communities, or “sub-reddits,” as of October last year.
Its biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings (OTC:).
Reddit did not disclose the number of shares to be offered or the price range of the IPO in the statement.
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