Sunday, September 25, 2022
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Reddit Applies for IPO in the US Market

Reddit, a social discussion form, which has been gaining immense popularity in the country of India, especially among the young users, has been confidentially filed the paper with the Securities and Exchange Commission (SEC) of the United States for going public in the country.

The company ‘Reddit’ that is 16 years old and which has raised 410 million dollars led by the fidelity in August 2021 valuing at the company’s 10 billion dollars, said that, the company has confidentially submitted a statement of draft registration with the United States SEC related to the initial public offering (IPO), which has been proposed by the company of Reddits common stock.

Reddit said, the number of the shares that are going to be offered and the price range for the offering, which is proposed by Reddit have not been determined yet, and the initial public offering is also estimated to occur after the completion of the review process of the company from the United States SEC that has been subject to the market and several other conditions.

The company added that, currently they are in a quiet period, and because of the regulatory reasons, they cannot say anything further, and Steve Huffman, CEOP of Reddit said, the investment of the fidelity is going to be giving the company more time for deciding how and when to go public.

According to the reports, the company has raised around 1.3 billion dollars in the funding till date, and the company has also made 100 million dollars in the additional revenue for the second quarter for 2021.