Social media company Reddit has confidentially submitted a draft registration to the Securities and Exchange Commission, indicating its intention to go public. The company confirmed on Wednesday that it had started the process of eventually listing its shares.

Reddit did not make its S-1 filing with the SEC public. It has also not disclosed how many shares it would be offering, nor did it state the possible price range of the offering. Reddit said it will still be conducting reviews and discussions before it can disclose further details about its planned listing.

Rumors about the company going public have been circulating for some time. However, this is the first time it has confirmed its intentions. Apart from its own announcements, there were hints that the well-funded company was getting set to go public. Drew Vollero, who previously worked on Snap's IPO, was hired as the company's first-ever CFO in March.

Reddit was originally founded in 2005. A year later, the company was acquired by the mass media company Conde Nast Publications. The social media services company remained a part of the publishing firm until 2011. Reddit was later spun off as a separate entity. It has since secured a number of rounds of investment from venture capital firms.

Reddit recently completed its latest Series F funding round, raising a total of $700 million, which included a $410 million injection from Fidelity. During the funding event in August, Reddit received a private valuation of more than $10 billion. Reddit has raised $1.3 billion in fundraising thus far.

The company's CEO, Steve Huffman, said during that time that the company was still moving ahead with its plans to go public. He said the company still didn't have a firm timeline, and the added investment from the funding round had given it enough time to decide how and when to go public.

Reddit disclosed that it had raked in more than $100 million in ad revenue for its second quarter of this year. This was reportedly a 200% increase from the revenue it generated during the same period last year.

Reddit said that it had about 52 million daily active users as of August and more than 100,000 active subreddits. Like other social media companies, Reddit has struggled to pitch itself as an open community hub while attempting to control hate speech. Earlier this year, a subreddit played a key part in significant stock market surges for so-called "meme stocks" such as GameStop and AMC.