Reddit announced Wednesday it has secretly documented desk work with the Securities and Exchange Commission to go public.
“The number of offers to be offered and the value range for the proposed offering have not at this not really set in stone,” the company wrote in a blogpost.“The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”
The announcement comes following an amazing season for Reddit, well known for its wide cluster of message sheets and for its “ask me anything” town halls with various celebrities.
The social media company was last esteemed at generally $10 billion when it raised $400 million from Fidelity Investments in August.
And for Reddit, there’s no time like the present when it comes to going public. Nearly 900 companies have gone public this year, raising nearly $300 billion.
Reddit’s WallStreetBets forum stood out as truly newsworthy recently when it turned into the focal center point for informal investors talking about alleged “meme stocks” like AMC and GameStop.
These traders pushed stocks to flood almost 3,000 percent very quickly as informal investors grabbed them up. The flood in those stocks even became known as the “Reddit Rally.”
Reddit was started in 2005 and was briefly owned by Condé Nast before being spun out in 2011.