US-based social news aggregation, content rating and discussion website Reddit is planning to go public this year.?
The social media platform, which was founded in 2005 by Steve Huffman, Alexis Ohanian, Aaron Swartz, is looking to launch an?IPO later this year, likely in the second half, as per a report by American media publication The Information, citing people familiar with the matter.
Reddit is among the firms that are keeping their initial public offering (IPO) paperwork up to date, in preparation for their debuts when market conditions improve, the report added.
The IPO market had come to a virtual standstill last year with several high-profile listings on ice as a selloff in high-growth tech stocks and volatility in the capital markets soured investor sentiment, as per Reuters.
In December 2021, Reddit had confidentially filed for an initial public offering with the US Securities and Exchange Commission, after the company's message boards became the go-to destination for day traders during the meme stock frenzy.
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Reddit is looking at a valuation of more than $15 billion, Reuters reported earlier. The company was previously valued at $10 billion in a private fundraising round.
Reddit?has more than 50 million daily active users and over 100,000 communitiesas per ET.
Its message boards, especially its WallStreetBets thread, were at the heart of a pitched battle between small-time traders and big hedge funds and had helped drive big gains in highly shorted shares of companies such as GameStop and AMC?while popularising the term meme stocks.
Its biggest investors include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.
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