Reddit seeking advisers for IPO at $15 billion valuation: report

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Reddit Inc. is holding bake-offs to find banks and law firms for an initial public offering after the operator of online message boards has become the focal point for meme stocks, Reuters reported on Thursday. A source told the news agency the company is projecting a $15 billion valuation when it goes public next year. The IPO effort comes about a month after a private fundraising round valued the destination for day traders at $10 billion.
Reddit co-founder CEO Steve Huffman told The New York Times recently that the San Francisco company was planning an IPO, but he did not discuss timing. If the IPO debuts next year, it will come 17 years after the company was launched with Huffman and Alexis Ohanian. The San Francisco company grew quickly as it became the site of choice for retail investors for tips on trading GameStop Corp.
GME,
-5.04%
and other meme stocks. Private backers of Reddit include Fidelity Investments, Andreessen Horowitz, Sequoia Capital and Tencent Holdings.

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