Reddit announced Wednesday that it has confidentially filed paperwork in its first big step toward an initial public offering, making it the latest tech firm to consider a Wall Street debut.
Reddit announced the IPO filing Wednesday and had previously said it was contemplating going public.
The company said its hands were tied in releasing any additional info, noting, “We are in a quiet period, and for regulatory reasons, we cannot say anything further.”
Reddit is officially planning to launch an IPO comes after it announced $700 million in new funding in August. Which the New York-based company said gave it a post-money valuation of more than $10 billion.
The company’s CEO Steve Huffman told the New York Times that Fidelity’s investment would give it more time to decide when and how to go public.
Reddit, based in San Francisco, was founded in 2005 by Steve Huffman, Alexis Ohanian, and the late Aaron Swartz. While Reddit has attracted millions of experts and enthusiasts participating in its niche discussion groups. Its development as a major profit-making business has trailed other major social media sites.