Online discussion portal Reddit has started to process its stock market debut, but details remain confidential so far, FT reported.
- Reddit on Wednesdays said it submitted a confidential filing its stock market debut with the Securities and Exchange Commission, in line with the Jumpstart Our Business Startups Act of 2012, which allows firms to publish their prospectus later into the process.
- The company has yet to decide on the size and amount of its share sale. Its valuation was estimated at $10 billion in its last fundraising period in August, up from $6 billion it said six months prior.
- The company’s maiden share sale has been widely anticipated, with its thread on Wall Street Bets becoming a major portal for discussions which was a main driver for the meme stock frenzy.
Reddit was founded in 2005 and was bought by Condé Nast in 2006 for $10 million.