In August, Reddit raked in a hefty $410 million financing led by Fidelity, valuing it at $10 billion. It had plans to close out the round, a Series F, at $700 million at the time.
The company’s CEO Steve Huffman told New York Times that Fidelity made it “an offer that we couldn’t refuse” and would give it more time to decide when and how to go public.
Now the news is out that the 16-year-old site has confidentially submitted a draft registration statement with the Securities and Exchange Commission to go public, the company said Wednesday evening.
Reddit has not yet determined how many shares to offer or the price range for its initial public offering.
More to come…