Reddit declared that it has filed for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission. Reddit is known for its message panels that is the go-to destination for day traders during the meme stock frenzy. Reddit is expecting a valuation of over $15 billion, media reports said.

The platform had retail investors heading towards its message boards for tips on trading the GameStop stocks and other meme stocks. Reddit had nearly 52 million daily active users and more than 1 lakh communities or subreddits as of October last year. Reddit had also reported a $100 million advertising revenue in the same period the previous year. The firm did not disclose the shares to be offered and the price range of the IPO in the draft registration statement.