Reddit Inc., the San Francisco, California-based operator of an online message board that had turned into a safe-haven for the retail traders’ discussion groups, who were leading a tug of war between main street traders and Wall Street’s institutional investors since January 27 this year while catapulting shares’ prices of so-called meme stocks such as GameStop alongside AMC Entertainment which were heavily shorted by Wall Street’s institutional investors, has been looking to hire investment bankers as well as lawyers in order to oversee the proceedings of a planned US IPO (Initial Public Offerings), at least two people familiar with the subject-matter had unveiled later this week on condition of anonymity given the sensitive nature of the issue.
On top of that, although Reddit’s latest approach to a public market floatation in the United States came forth as a surprise coupon, in a recent interview with New York Times, Reddit Chief Executive Steve Huffman had signalled that the company might seek a public listing, however, had declined to comment over a plausible timeline.
Besides, a press agency report was quoted one of the sources familiar with the subject-matter as saying that Reddit was looking to a market valuation over $15 billion, however, the source also had cautioned that an ostensible timing of a public market listing next year of Reddit Inc remained subject to market conditions.
Reddit looks to hire investment bankers for US IPO
Reddit’s latest push for an entrance into the US capital market, in tandem, came forth just weeks after the company was valued at a roughly $10 billion in a private fundraising campaign.
Founded back in the 2005s by Chief Executive Huffman and a tech entrepreneur Alexis Ohanian, Reddit was mostly known for its topic-based discussion groups and had lagged the popularity of rival social media platforms like of Twitter or Facebook before actively participating into this year’s retail-trading frenzy that seemingly had rattled the Wall Street’s institutional investors such as hedge funds while letting a Pandora’s box loose what in effect had shaken up a roaring US capital market multiple times thus far this year.