Asian Tech Press (Dec 17) -- Reddit, a major social networking platform, said it has secretly filed for an IPO with the U.S. Securities and Exchange Commission.

Reddit's IPO plans were first rumored in September, and its goal is to be valued at more than $15 billion when it goes public. In February's trading spree, Reddit doubled its value from last year to $6 billion, and in August, the company raised $700 million in funding at a valuation of more than $10 billion. The majority of the company's business revenue comes from advertising. At the time of the August funding round, the company had said it had reached $100 million in advertising revenue in the second quarter of 2021, up 192 percent year-over-year.

Reddit was founded in 2005, and as of January this year, Reddit had more than 52 million daily active users and a community of more than 100,000.

In its draft registration statement filed with the Securities and Exchange Commission, Reddit did not disclose the number of shares to be issued or the price range of the IPO. Jay Ritter, a finance professor at the University of Florida, said, "Reddit hopes to price its IPO significantly higher than the average tech stock this year."