Reddit, which showed the world the power wielded by retail investors when grouped together on social media, said that it has filed for an initial public offering, in a year that has seen major tech stocks fare extremely well. “Reddit, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock,” from the press release published Wednesday. The 16-year-old San Francisco-based company has not disclosed its anticipated valuation, adding that the number of shares and the proposed price range have not yet been determined. “We are in a quiet period, and for regulatory reasons, we cannot say anything further,” said the company in a tweet. Reddit users had rallied around GameStop stocks in January in what’s considered the first online-based democratically unified stock purchase by retail investors. …
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