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Redditors on r/wallstreetbets will soon be able to discuss Reddit itself, as the company is prepping for an initial public offering, revealing late Wednesday that it confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission.
Reddit did not provide any information on the number of shares to be offered or the price range of those shares.
The San Francisco-based platform was founded in in 2005 by current CEO Steve Huffman and Alexis Ohanian.
Reddit said late last year that it averaged 52 million daily active users in October 2020, as well as more than 100,000 communities, and its ad revenue for 2019 was more than $100 million.
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