Reddit could IPO next year when its value is around $15bn
Reddit is hiring lawyers and investment bankers of an initial public offering in New York, as reported by Reuters.
In a private fundraising round last month Reddit was valued at $10bn.
Reporters reported via a source that the company’s hierarchy is hoping by the time of the IPO early next year that Reddit will be valued in excess of $15bn.
Reuters reported that the specific timing of the IPO would be subject to market conditions.
While it is the first time a report of this nature has been conducted, rumours over Reddit’s desire to go public as been circulating for months.
Steve Huffman, CEO of Reddit, has previously said the company intends to go public although he had not yet decided on the timing.
As of October 2020, Reddit has around 52m daily users and over 100,000 communities, also known as “subreddits”. However, the company said it gained millions of new users during the Reddit-induced trading frenzy, although recent figures have not been released.