Online discussion forum Reddit is looking to hire investment bankers and legal advisers ahead of a likely initial public offering early next year, according to a report Thursday.
Reddit is targeting a valuation of $15 billion by the time it goes public, Reuters reported, citing sources familiar with the matter. The platform had 52 million daily active subscribers as of last October.
The exact date for Reddit's IPO has yet to be determined. The sources warned that both the timing and expected valuation were subject to change with respect to market conditions.
A Reddit representative declined to comment on the report.
The company valued at more than $10 billion in fundraising after its most recent round earlier this month. Participants were among the participants in Fidelity Management and Research Company LLC.
Speculation about a potential Reddit IPO in recent months has intensified in recent months. In March Reddit hired Drew Vollero, a former Snap executive who helped lead the company IPO, to serve as its chief financial officer.
Reddit CEO and co-founder Steve Huffman addressed The New York Times speculation about his company s future plans during an interview with the Reddit in March.
Huffman said it was. Reddit experienced a surge in popularity in recent months as retail traders flocked to its message boards to discuss so-called meme stocks. Reddit told The Wall Street Journal that Huffman added millions of users in the craze.