Reddit is looking to hire investment bankers and lawyers as part of its plans to go public early next year at a value of more than $15 billion, Reuters reported Thursday. Reddit most recently raised money in a…
private fundraising round in August at a valuation of $10 billion — meaning that an IPO at a valuation of $15 billion would represent a dramatic 50 percent increase in the company’s valuation in just a matter of months.
The timing and size of the popular online message board’s IPO could change depending on market conditions, sources told the outlet.
The news comes three months after Reddit co-founder and CEO Steve Huffman teased the possibility of an IPO earlier this year, telling the New York Times in May that the company was “thinking about” and “working toward” going public. He did not provide details about timing or valuation.
Reddit — which was founded in 2005 and is minority owned by Condé Nast parent company Advance Publications — declined to comment on the Reuters report.
Other investors in Reddit that could reap a windfall if the company goes public include venture capitalists Peter Thiel and Marc Andressen, celebrities Snoop Dogg and Jared Leto, as well as Chinese tech giant Tencent and US asset manager Fidelity Investments.
Reddit was known in the 2000s and 2010s for its…
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