Social media platform Reddit has announced that it has taken the first step to register at the stock exchange. CEO Steve Huffman has earlier said the company was planning on going public but that there was no timetable for it.
In a statement, the company said it had “confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the ”SEC”) relating to the proposed initial public offering of its common stock.”
“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.”
“We are in a quiet period, and for regulatory reasons, we cannot say anything further.”
The company last summer raised USD 700m in new funding, valuing it at more than $10 billion. The company says it has 50 million active daily users.