According to a source familiar with the matter at hand, Reddit Inc has tapped Morgan Stanley and Goldman Sachs Group for its initial public offering.
In December, Reddit had confidentially filed for an IPO aiming for a valuation of over $15 billion.
In August 2021, in a private fundraising round led by Fidelity Management, it was valued at $10 billion.
As per a second source familiar with the matter at hand, JPMorgan Chase is also one of the top underwriters of the deal.
Neither Goldman Sachs nor Reddit immediately responded to requests for comments.
JPMorgan Chase and Morgan Stanley declined comment.
Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit has more than 50 million daily active users and more than 100,000 communities.
Last year, globally IPOs have raised a record $594 billion riding the coattails of stock market rallies with technology and healthcare being the biggest sectors driving IPO volumes.
In 2021, there were 426 technology IPOs and 332 healthcare-related deals, collectively accounting for almost 42% of IPO proceeds raised by companies globally.