Reddit Inc. has started to make preparations for a public listing with the filing for a proposed initial public offering (IPO) with US regulators.
The discussion forum website, which was founded in 2005 by Steve Huffman and entrepreneur Alexis Ohanian, said in a statement that it confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC) relating to the proposed IPO of its common stock.
The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company said.
The IPO is expected to take place after the SEC completes its review process, it added.
Reddit was valued at US$10bn in a private fundraising round earlier this year.
Reuters reported in September that Reddit was hoping to raise US$15bn in an IPO.
Reddit has some 52mln daily users split across more than 100,000 community groups, or "sub-reddits".
The company came to prominence earlier this year after retail investors banded together to rout institutional short-sellers using the Reddit forum r/wallstreetbets. This led to huge swings in the value of so-called meme stocks such as AMC Entertainment Holdings (NYSE:AMC) Inc and GameStop Corp (NYSE:GME).
Reddit's biggest shareholders include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.