Reddit has confidentially submitted a draft registration statement to the US Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO).

The news comes after the San Francisco-based company hit a $10 billion valuation after raising $700 million in its latest funding round in August.

Reddit, founded in 2005, has over 52 million daily users and 100,000 active “sub-reddits”, which allow users to discuss hobbies or interests.

The website said that the number of shares to be offered and the price range for the proposed offering have not yet been determined.

Reddit said the IPO is expected to occur after the SEC completes its review process, subject to market and other conditions, and that for regulatory reasons, it cannot say anything further.

The news comes after the company said earlier this year that it intended to double its staff by the end of 2021 to around 1,400 employees.

The website has become increasingly influential in the investment space over recent years, research by Hargreaves Lansdown found that Reddit was the most popular platform for investment ideas for the younger investors it surveyed.

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