TECH

Reddit to go public company

Reddit said it has filed a private application with the US Securities and Exchange Commission (SEC) to be listed as a public company, a necessary measure to go public.

The company, owner of one of the largest social networks, chose not to disclose relevant documents to the public domain. It is also not announced how many shares will be tendered during the initial public offering, and the price range at which the company can go to the IPO is also unknown.

The Reddit project was launched in 2005 and traveled a unique path before the decision to go public was made. In 2006, the feature was acquired by Conde Nast Publications. The social network was part of an editorial holding until it was spun off into an independent subsidiary in 2011. After that, it spent several rounds of funding, attracting investments from venture capital firms.

It was recently announced that Reddit has raised $700 million in investments in another round of funding, valued at over $10 billion. During this round, the company also announced that it was able to gross $100 million in advertising in the second quarter of 2021, and that's 192% more than in the same period last year.

AVnews