INSUBCONTINENT EXCLUSIVE:
Reddit was valued at $10 billion in a private fundraising round earlier this year.New Delhi: Social media platform Reddit said on Wednesday
it had confidentially filed for a proposed initial public offering (IPO) with the United States Securities and Exchange Commission.Reddit,
known for its message boards that became the go-to destination for day traders during this year's meme stock frenzy, was looking at a
valuation of more than $15 billion, Reuters had reported in September.The company was valued at $10 billion in a private fundraising round
earlier this year.The San Francisco-based firm had retail investors flocking to its message boards for tips on trading GameStop Corp and
other meme stocks.Reddit had roughly 52 million daily active users and over 100,000 communities, or "sub-reddits," as of October last
year.Its biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.Reddit did not disclose
the number of shares to be offered or the price range of the IPO in the statement.(This story has not been edited by TheIndianSubcontinent
staff and is auto-generated from a syndicated feed.)
