BY J. CLARA CHAN | HollywoodReporter.Com
The company was most recently valued at $10 billion in a private fundraising round.
Reddit has submitted a confidential registration statement with the SEC as the company prepares for a public offering in the new year.
The company has not yet determined how many shares or the price offer for its common stock, according to an announcement released Wednesday evening by Reddit.
Co-founded by Alexis Ohanian and currently led by CEO Steve Huffman, Reddit was most recently valued at $10 billion in an August fundraising round led by Fidelity Management and Research Company LLC. At the time, Reddit said it had hit the $100 million mark in advertising revenue during its second quarter and sought out the funding to help boost the company’s international expansion and advertising offerings.
The company said it had 52 million daily active users last year but has not publicly released an updated figure since then.
According to a September report from Reuters, Reddit is targeting a $15 billion valuation at the time of its IPO, which is expected to take place early next year following SEC review.
In Other NEWS