
Social media platform Reddit Inc., which had contributed to this year’s meme stocks craze (stocks growing in popularity through social media), filed a confidential IPO.
The San Francisco-based company said Wednesday that the number of shares and the proposed price band for the initial public offering had not been determined. The company noted that the listing is expected to take place after the regulatory agency SEC completes its review process, and this is subject to market and other conditions. The company, which was valued at $10 billion in a funding round this summer by investors, did not specify what level of valuation it wanted in the IPO.
Reddit quickly gained traction this year after a discussion forum on its website called WallStreetBets rocked the stock market.
Founded in 2005, the company has become one of the most influential social media companies in the world. Reddit announced in February that it has more than 50 million daily users. Its website features discussion forums with over 100 million active groups on a wide range of topics.