Reddit has lodged a confidential filing for an initial public offering with the Securities and Exchange Commission, as the firm prepares to debut on the stock market following a year which propelled the company into the financial market spotlight.
The social media company said it has yet to determine how many shares it would issues as part of the IPO, or a price range for the stock, although its August fundraising valued the firm at around $10bn. r/WallStreetBets and the rise of the amateur traders: 1990s repeat or the new market reality? A confidential filing is allowed by the Jumpstart Our Business Startups Act of 2012, which lets a company pursue an IPO without publishing its prospectus until late in the process, provided its annual revenues were below $1bn. As of October 2020, Reddit had roughly 52m daily active users an...
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