Reddit Inc, the parent company to social media platform Reddit has announced that it has submitted a confidential registration for a proposed "initial public offering" of its common stock. The social media site is the latest tech company to take a step towards debuting on Wall Street.
Founded in 2005, the social media site has taken a rather unusual path toward filing to go public. First being acquired by Conde Nast Publications in 2006, before being made an independent subsidiary in 2011.
Recently, Reddit had announced that it raised $700 million in August 2021. During the same period, the company announced that it made a whopping $100 million in advertising revenue in the second quarter of 2021; a 192% jump when compared to the same time period in 2020.
In an official announcement posted on the company's website, Reddit said that it is yet to determine the number of shares they will be offering, as well as their price range.
"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 statement read.
Reddit made headlines early this year after a forum on the platform disrupted Wall Street. The forum; WallStreetBets caused a trading frenzy when they successfully changed the trading direction of Gamestop Inc stock which was predicted to lose, to a winning streak thereby successfully changing the rules of Wall Street.
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CNBC
