The social networking platform Reddit said on Wednesday that it had confidentially submitted a draft listing for a proposed listing to the Securities and Exchange Commission.
Reddit, a community-curated news site that is often among the Internet’s busiest destinations, played a significant role in the “meme shares” frenzy earlier this year, when shares in GameStop, AMC and other companies suddenly rose due to individual investor sharing information on social media platforms such as Reddit.
Reddit did not disclose how many shares would be offered or what valuation it was seeking with the listing, but the 16-year-old company announced in August that it had raised an additional $ 410 million in funding, giving it a valuation over $ 10 billion. .
Since its inception in 2005, it has for years been a free-running collection, almost anything, of internet forums with people discussing their battles with cancer, exchanging theories about Star Wars, and debating politics.
Reddit, often referred to as the “front page of the internet”, has also been battling bad behavior among some of its users for years. In recent years, it has introduced policies to crack down on hate groups, prostitution and other illegal activity.
The approach allows Reddit to go through several rounds back and forth with the SEC over the wording of its filing in secret, allowing Reddit to present a much cleaner record when the company formally files for publication. The process also allows Reddit to keep a lid on sensitive business information, such as data about its customers, revenue and users.
Reddit did not immediately respond to a request for comment.