Reddit, the San Francisco, California-headquartered American social news aggregator whose message board became a focal point to meme stock frenzy back in early-2021, had been mulling an option to hire heavyweight Wall Street lenders such as Morgan Stanley alongside Goldman Sachs to oversee proceedings of its planned US public market floatation, a press agency report had unveiled late on Friday citing sources familiar with the issue who wished to remain anonymous given the scale of sensitivity of the subject-matter.
In point of fact, latest media topline underscoring a Reddit move to tap into Morgan Stanley and Goldman Sachs for its IPO (Initial Public Offerings) came forth just weeks after it had confidentially filed an IPO with the US SEC (Securities and Exchange Commission) back in December 2021, while the social networking company which reportedly became a hubspot for main street investors who had led to a mass-scale uprising in meme stocks often shorted by Wall Street’s institutional investors in a number of occasions last year, was looking to a market valuation of more than $15 billion during its public market floatation.
Nevertheless, Reddit was valued at a whopping $10 billion during its latest fundraising back in August 2021 that was led by private equity mogul Fidelity Management.
Reddit taps into Goldman, Morgan Stanley for its IPO proceedings
Apart from that, the press agency report released late on Friday also had quoted a second source as saying that another top-tier US lender JPMorgan could be one of the leading underwriters of Reddit’s IPO proceedings as well.
Reddit, founded back in the 2005s by Steve Huffman alongside an Alexis Ohanian, currently wharves over 50 million daily active traffics from 100,000 communities across the globe.