Thu. Jan 20th, 2022

Reddit announced late Wednesday that it has begun disclosing the company by filing a confidential S-1 with the Securities and Exchange Commission.

The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said, adding that it was in a quiet period and could not provide further details for regulatory reasons, which is standard practice.

The company has been rumored to be considering an IPO, and in August it announced it had raised a $700 million round of financing at a valuation of more than $10 billion.

In the August announcement, Reddit said it had earned $100 million in ad revenue for the second quarter of 2021, an increase of nearly 200 percent from the previous year.

The company said earlier this year that it plans to double its workforce to about 1,400 employees by the end of 2021.

Founded in 2005, Reddit had grown to approximately 52 million daily users by August, with over 100,000 active sub-reddits. Huffman told the New York Times in August that Reddit “still planned to go public” but had no set timeline, adding, “All good companies should go public when they can.”

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