(FT) Reddit, an online forum that gained prominence in the wake of retail trading frenzy has said it confidentially filed with the Securities and Exchange Commission to go public.
Reddit, which says it is yet to come up with the shares to sell, expects its valuation to rise to more than $15 billion when it lists the shares. It was valued at $10 billion in its August funding round.
The much-anticipated IPO comes after months of popularity among retail traders in the wake of a meme stock frenzy, with coordinated trading squeezing several Wall Street short-sellers.
Reddit’s founder says they created the website to become a free speech forum, with the company streamlining its advertising business in preparation to take the platform public.
Reddit is expected to rely on the “Jumpstart Our Business Startups Act” of 2012 that allows entities to go public in the US without initial prospectuses as long as their latest annual sales did not exceed $1 billion.
