Reddit is looking to hire investment bankers and lawyers for a New York initial public offering (IPO) according to sources reported by Reuters.

By the time the listing takes place, the online discussion board is aiming for a $15 billion valuation according to the sources.

The news comes after Reddit hit a $10 billion valuation after raising $700 million in its latest funding round in August.

In addition, the sources said the timing and size of the IPO were subject to market conditions.
The San Francisco based company, founded in 2005, has over 52 million daily users and 100,000 active “sub-reddits”, which allow users to discuss hobbies, or interests.

The company said it made $100 million in advertising revenue during the second quarter of 2021, a 192 per cent year-on-year increase.

Investors in the discussion forum include Fidelity Management, Andreessen Horowitz, Sequoia Capital, and Tencent.

Reddit hired its first chief financial officer, Drew Vollero, in March.

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