Reddit has confidentially filed with the Securities and Exchange Commission to go public, according an announcement by the social media company.
The company did not say how many shares would be offered nor the price range for the proposed offering, which has been anticipated since earlier in the year when Reddit raised new funding.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” the company said in a press statement.
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In August, Reddit received ground-breaking $410 million financing led by Fidelity, putting its value at $10 billion. The company’s CEO Steve Huffman told the New York Times that Fidelity’s investment would give it more time to decide when and how to go public.
So, it didn’t come as a surprise when the unique social media platform, on Wednesday, broke the news that it’s going public. It rather shows how resilient it has been in driving revenue growth and in scaling the ladder of success.
Reddit was created in 2005, and 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.
Reddit has raised $1.3 billion in funding so far, according to public information.
In 2019, when Tencent led Reddit’s $300 million Series D investment, there was concern that the Chinese company having a huge share will expose the community site to censorship.
The company has come off a monument of challenges, including the increase of hate speech on its platform, which is a peculiar problem to other social media platforms, to increase its audience and revenue.
In August, Reddit said it had reached $100 million in advertising revenue during the second quarter of 2021, up 192% from a year prior. The company also said it attracted 50 million daily visitors and hosted 100,000 active subreddits.