Reddit introduced late Wednesday that it has began the method of taking the corporate public, by submitting a confidential S-1 with the Securities and Change Fee.
The variety of shares to be supplied, and the value vary for the proposed providing haven’t been decided but, the corporate stated, including that it was in a quiet interval and couldn’t present additional particulars for regulatory causes, which is customary observe.
The corporate has been rumored to be contemplating an IPO for a while, and in August introduced it had raised a $700 million spherical of funding at a valuation of greater than $10 billion.
Within the August announcement, Reddit stated it had made $100 million in advert income for the second quarter of 2021, a virtually 200 p.c enhance from the earlier yr.
The corporate stated earlier this yr that it deliberate to double its employees by the tip of 2021 to round 1,400 workers.
Reddit, based in 2005, had grown to round 52 million day by day customers as of August, with greater than 100,000 energetic sub-reddits. Huffman informed the New York Instances in August that Reddit was “nonetheless planning on going public” however didn’t have a agency timeline, including, “All good firms ought to go public once they can.”