Reddit announced that it had started the process of taking the social media firm public by filling a confidential S-1 with the Securities and Exchange Commission (SEC).
Reddit said the number of stocks to be offered and the price range for the proposed offering haven’t been decided yet and added that it was in a silent period and could not provide further details for regulatory purposes.
The social media firm has been rumored to be brooding an IPO for some time now. In August, the social media firm announced it had raised a $700 million Series F round of funding at a valuation of almost $10 billion.
In an announcement made in August, Reddit reported it had made $100 million in ad revenue in the second quarter of 2021, an almost 200 percent increase from the year prior.
Reddit was founded in 2005 by entrepreneurs Alexis Ohanian and Steve Huffman. The social media firm earlier in the year had announced that it had planned to double its staff by the end of 2021 to nearly 1,400 employees.
As of October 2020, Reddit had roughly 52 million daily active users and over 100,000 communities, called subreddits on Reddit. In August, CEO Steve Huffman told The New York Times that the social media firm was planning to go public but hadn’t decided on a firm timeline yet, adding that all good companies need to go public when they can.