Reddit Files Official Paperwork for Proposed IPO

© REUTERS / DADO RUVICFILE PHOTO: Reddit app is seen on a smartphone in this illustration taken, July 13, 2021
FILE PHOTO: Reddit app is seen on a smartphone in this illustration taken, July 13, 2021 - Sputnik International, 1920, 16.12.2021
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MOSCOW (Sputnik) - US social media platform Reddit has filed a confidential registration statement for proposed initial public offering (IPO) with the Securities and Exchange Commission (SEC), the company said on Thursday.
"Reddit, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange (the "SEC") relating to the proposed initial public offering of its common stock," Reddit said in a statement.
The company refrained from giving additional details in compliance with regulatory "quiet period" rules during the SEC's review.
The statement also said that IPO will be launched after the SEC completes its review process and that the numbers of shares and the price range were still to be settled.
Reddit's IPO will take place following the social media platform's announcement in March that Drew Vollero, who had previously worked on Snapchat's IPO, would be joining the company as its first chief financial officer.
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