Online message board operator Reddit is reportedly seeking to hire lawyers and investment bankers as advisers for a US IPO that could see it valued at more than
Reddit, the self-styled “front page of the internet”, was in the spotlight earlier this year when day traders on its forum sparked a huge rally in shorted stocks such as
The online platform is now seeking to hire advisers as it plans to go public on
Reddit has undergone several recent fundraising rounds that have built investors’ anticipation of an IPO in the near future, including a private fundraising round last month that valued it at
But the platform is aiming to shatter this valuation with a goal of more than
The exact size of the IPO and timescale are subject to market conditions, but the news will not come as too much of a surprise after CEO
Amid these reports, the social media site sparked more IPO predictions when it appointed its first ever chief financial officer – former Snap executive
A free-to-use platform, Reddit gains most of its revenue from online advertising, and has around 52m daily active users.
In the second quarter of the year, the site raked in
Reddit has been contacted for comment.
The post Reddit seeks advisers for
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