Reddit, a network of communities, has confidentially filed an initial public offering (IPO) with the US Securities and Exchange Commission (SEC). According to an announcement, the company is yet to determine the offering price range and the number of shares to sell.
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"We are in a quiet period, and for regulatory reasons, we cannot say anything further," the announcement says.
The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions. In August, Reddit raised $410 million. The latest investment round brought the company's valuation at $10 billion. Previously, Drew Vollero, who previously worked on Snap's IPO, became CFO of the company, a sign that Reddit is preparing for an IPO. Reddit raised a total sum of $1.3 billion since its foundation in 2005.
As iHodl reported in October, Reddit might be working on a new product related to the industry of non-fungible tokens (NFTs). According to the new job post, the new hire will be responsible for building backend services for "millions of users to create, buy, sell and use NFT-backed digital goods."
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