Reddit declared that it has begun the process of making the corporation public, by logging private S-1 with the Securities and Exchange Commission.
The company had stated that the number of shares and the price range for the posit alms haven’t been resolved so far also it was in a mute phase and could not provide further details for official reasons.
The firm was first alleged to be considering an IPO for an erstwhile, and in August announced about raising a fund of about $700 million at an estimate of more than $10 billion.
In the August declaration, Reddit confirmed generating $100 million in ad revenue for the second half of 2021, an increase of about 200 percent from the last year.
The firm stated earlier this year only to double its staff by the end of this year to around 1,400 employees.
Reddit had flourished in a few years of its founding to around 52 million daily users with more than 100,000 active subreddits. Huffman stated in a statement with the New York Times in August that Reddit was “yet planning to head towards the public” but lacked a solid schedule.