Reddit files to go public

By | December 16, 2021

Steve Huffman CEO, Reddit, delivers remarks on ‘Redesigning Reddit’ during the third day of Web Summit in Altice Arena on November 08, 2017 in Lisbon, Portugal.

Horacio Villalobos | Corbis | Getty Images

Reddit on Wednesday announced that it has confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public.

The social media company did not make the filing publicly available. The company also did not say how many shares would be offered nor the price range for the proposed offering.

Although Reddit was created in 2005, it has taken a unique road toward going public.

Conde Nast Publications acquired Reddit in 2006. 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.

Most recently, the company announced that it had raised a $700 million round in August 2021 at a valuation of more than $10 billion.

At the time of that funding round, the company said that it had reached $100 million in advertising revenue during the second quarter of 2021, up 192% from a year prior.

Source link