Newswatch TV-With an IPO filing, Reddit plans to go public

In an S-1 filing with the Securities and Exchange Commission, Reddit announced its plans to go public as reported by Newswatch TV. Reddit itself has even stoked those fires since the rumors have been circulating for some time.

Newswatch TV-With an IPO filing, Reddit plans to go public

In a press release confirming the filing, the company stated that the number of shares to be offered and the price range for the proposed offering are yet to be determined. In the case of an IPO, the SEC will complete its review process after the market and other conditions have been met."

For now, that's all we know since the company is in a quiet period, which prevents them from sharing more information or providing details. Accordingly, nothing beyond the above statement is based on confidential filing, which is not available to the public.

Over the summer, Reddit raised $700 million in funding based on a recent valuation of $10 billion. In the second quarter of this year, they revealed they had 52 million daily users and made $100 million in ad revenue. This represents a 200% increase over the previous year.

If you've been following the news, you can probably guess what helped boost those numbers. People on the WallStreetBets subreddit instigated and executed the Game Stop short squeeze earlier this year.

In the financial markets, Reddit became the focal point for the meme stock craze that threatened to overturn the very method of conducting business. Institutions that had long held the power lost it after waves of Redditors manipulated stock prices with their everyday Joes and Janes.

In the same subreddit, we now hear rumblings of Reddit stock being pumped when it finally goes public. To see if they can achieve the same feat we saw with Game Stop remains to be seen. No one plans to get caught with their pants around their ankles again because that was basically a sneak attack. Let's not get fooled again.

Newswatch TV-With an IPO filing, Reddit plans to go public

NewsWatch TV AMC, will keep you an update as the story develops and more information becomes available, including a firm date and expected stock price.