• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Exclusive-Reddit seeks to hire advisers for U.S. IPO -sources

September 2, 2021 by David Barret Leave a Comment

September 2, 2021

By Anirban Sen

(Reuters) – Reddit Inc, the operator of online message boards that became the go-to destination for day traders chasing this year’s frenzy for so-called ‘meme’ stocks, is seeking to hire investment bankers and lawyers for an initial public offering (IPO) in New York, two people familiar with the matter said on Thursday.

Reddit was valued at $10 billion in a private fundraising round last month. By the time the IPO takes place early next year, Reddit is hoping it will be valued at more than $15 billion, one of the sources said.

The sources cautioned that the timing and size of the IPO were subject to market conditions and asked not to be identified because the preparations are confidential. A Reddit spokesperson declined to comment.

Reddit’s move to hire advisers for its IPO has not been reported before, but there has been significant speculation in recent months on the company’s go-public plans, after years of staying private. In a recent interview with the New York Times, Chief Executive Steve Huffman had said that the company was planning to go public but had not decided on the timing.

Reddit was founded in 2005 by Huffman, entrepreneur and investor Alexis Ohanian and the late internet activist Aaron Swartz. It became known for its niche discussion groups, lagging the popularity of other major social media platforms such as Facebook Inc and Twitter Inc.

The San Francisco-based company saw explosive growth, however, as a result of retail investors flocking to its message boards at the start of the year for tips on trading GameStop Corp and other meme stocks. Most Wall Street analysts deemed the meme stocks as massively over-valued.

Reddit had roughly 52 million daily active users and over a 100,000 communities, or ‘sub-reddits,’ as of October last year. Huffman has said it gained millions of new users earlier this year during the height of the trading frenzy, but more recent user figures have not yet been released.

The company makes most of its money through advertising. It reported $100 million in advertising revenue in the second quarter, an almost threefold jump from the same period last year.

Reddit’s biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.

(Reporting by Anirban Sen in Bengaluru; Additional reporting by Echo Wang in New York; Editing by Rosalba O’Brien)

Source Link Exclusive-Reddit seeks to hire advisers for U.S. IPO -sources

David Barret
David Barret

Related posts:

  1. Number of people with dementia set to jump 40% to 78 million by 2030 -WHO
  2. iPhone 13 release date, leaks, price and news
  3. HomeLight closes on $100M Series D at a $1.6B valuation as revenue surges
  4. All the reasons why you should launch a credit or debit card

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Alien Abduction Or A Trick Of The Mind? A Down To Earth Explanation Of Close Encounters
  • Six Months Into Trump’s Presidency, Americans Report Record Low Pride In Being American
  • TikToker Unknowingly Handles Extremely Venomous Cone Snail And Lives To Tell The Tale
  • Scientists Sequence Oldest Egyptian DNA To Date, From A Whopping 4,800 Years Ago
  • “Uncharted Waters”: Large Hadron Collider Begins Colliding Oxygen For The First Time
  • 125,000-Year-Old Neanderthal “Fat Factory” Shows They Gorged On Bone Grease
  • On July 3, Earth Will Reach Its Farthest Point From The Sun – 152 Million Kilometers Away
  • NASA’s Perseverance Rover May Have Recorded Evidence Of Electrified Dust Devils On Mars
  • “Hymn to Babylon”: Missing Mesopotamian Text Dating Back Nearly 3,000 Years Discovered
  • Multiple New Species Of Cute Spotty And Stripy Geckos Discovered In Remote Cambodia
  • ChatGPT May Be Surprisingly Good At Piloting Spacecraft, Taking 2nd Place In Spaceflight Competition
  • Incredible Supernova Finding Shows That “Double-Detonation Mechanism” Happens In Nature
  • Soda Cans, Asthma Inhalers, And… Water Bottles? All Things That Could Explode In Your Car This Summer
  • Video: Is There An Ideal Sleeping Position?
  • If You Look Up At The Right Time Today, You Will See A Giant “X” On The Moon
  • We May Have Our Third Interstellar Visitor And It’s Nothing Like The Previous Two
  • Orcas Filmed Kissing (With Tongues) In The Wild For The First Time
  • How Easy Is It For A Country To Change Its Time Zone?
  • Earth’s First Commercial Space Station Set To Launch In 2026
  • Black Hole Moon: Rogue Planets With Weird Signatures Could Be A Sign Of Advanced Alien Life
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version