REDDIT Inc said it has submitted a draft registration with the United States Securities and Exchange Commission to go public on Wall Street yesterday.

The social media platform in a statement said it has “confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock”.

It said it has not yet determined the number of shares that will be offered or their price range.

“The initial public offering is expected to occur after the commission completes its review process, subject to market and other conditions,” added the company, which did not make the registration form public.

The discussion platform was created by two students from Virginia in 2005. It was bought by Conde Nast, which publishes magazines such as Vogue, The New Yorker and Vanity Fair in 2006.

Reddit became an independent subsidiary in 2011.

It had in August announced that it has raised US$700 million (RM2.9 billion) during a fundraising campaign led by Fidelity Management, which valued the network at more than US$10 billion.

It showed its influence in January, when an army of small-time stock traders, communicating on its pages, rocked Wall Street by betting against the stocks that had gone viral like those of the video store chain GameStop. – AFP, December 16, 2021.