Reddit files to make the company public

Reddit announced late Wednesday that it has begun the process of publishing the company by filing a confidential S-1 with the Securities and Exchange Commission.

The number of shares to be offered and the price range for the proposed offering have not been determined yet, the company said, adding that it was in a quiet period and could not provide further details for regulatory reasons, which is standard practice.

The company has been rumored to be considering an IPO for some time, and in August it announced that it had raised a $ 700 million financing round worth more than $ 10 billion.

In the August announcement, Reddit said it had earned $ 100 million in advertising revenue for the second quarter of 2021, an increase of nearly 200 percent from the year before.

The company said earlier this year that it planned to double its staff by the end of 2021 to around 1,400 employees.

Reddit, founded in 2005, had grown to about 52 million daily users in August with more than 100,000 active sub-reddits. Huffman told New York Times in August that Reddit “still planned to be listed” but did not have a fixed timeline, adding: “All good companies should be listed when they can.”

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