The social network Reddit announced that it has started the process to sell its shares on the stock exchange.

However, according to the BBC, it did not reveal how many shares it plans to sell or the price of those shares.

In August, the company said it had raised $700m (£528m) in new funding, valuing it at more than $10bn.

During the pandemic Reddit was at the center of the phenomenon of the so-called “meme stocks”, something that greatly increased the success of the 16-year-old social network.

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“The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” Reddit said in a filing with the US Securities and Exchange Commission.

Reddit was founded in 2005, and had around 52 million daily users as of August of this year.

Earlier this year, the company said it was thinking of doubling its workforce by the end of 2021 to around 1,400 employees.

Reddit’s biggest backers include Chinese technology Tencent, Fidelity Investments and venture capital firm Sequoia Capital.