Social Media Platform Reddit Files Paperwork To Go Public



Reddit Inc, whose message boards became the go-to destination for day traders during this year’s meme stock frenzy, said on Wednesday it had confidentially filed for an initial public offering with U.S. securities regulators.

Reuters reported in September the company was hoping to hit a valuation of more than $15 billion by the time it planned to list its shares.

The company’s message boards were at the heart of a pitched battle between small-time traders and some of the big Wall Street firms that drove big gains in highly shorted shares of companies such as GameStop (GME.N) and AMC (AMC.N), while popularizing the term meme stocks.

At the height of the trading frenzy in February, Reddit’s value doubled to $6 billion from a year earlier. The company was valued at $10 billion in a private fundraising round in August.

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