Reddit files for IPO

In a statement Social media giant Reddit said, it had filed a confidential proposed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

Reddit, known for its message boards that became the go-to destination for day traders during this year’s meme stock frenzy, is looking at a valuation of more than $15 billion.

Earlier this year, in a previous funding round, Reddit was valued at $10 billion.

As of October 2020, Reddit had around 52 million daily active users and more than 100,000 communities.

Its biggest investors include Tencent Holdings, Fidelity Investments, Andreessen Horowitz, and Sequoia Capital.

In its statement to the press, Reddit did not disclose the number of shares that are on offer or the price range of the IPO.

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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