Reddit has announced an unusual step for its upcoming initial public offering (IPO), offering select users the opportunity to become shareholders. The social media company revealed this plan in its IPO filing last week and is now sharing more information on how users can become one of Reddit’s “overlords,” as they call it.

In an IPO, buying shares is often limited to institutional investors. However, Reddit is offering a “direct share program” to a select group of users. Reddit has recently started sending invitations to users to participate in the IPO based on two factors: their number of actions as a forum moderator on the platform, and their “karma” score, which reflects their contributions and reputation among other users on the site.

Redditors who did not receive an invitation email can preregister to purchase shares in the IPO between March 1 and March 5. In case the program’s capacity gets filled before March 5, It will create a waitlist for the program.

During the invite-only phase, our most loyal users will get the first chance to pre-register for our program. After that, the pre-registration phase will be open to all Reddit users. Once the registration closes on March 5, the company will send an email with further instructions to those who have been confirmed to participate in the direct share program.

It has not yet announced the price of its upcoming IPO. Once the shares have been priced, users will have the option to purchase them.