Reddit in talks with possible investors over 2024 IPO - Bloomberg News

Investing.com -- Reddit is in discussions with possible investors ahead of a potential listing of the social media group, Bloomberg News has reported.

Citing unnamed people familiar with the matter, the news service said the company is mulling a possible initial public offering as soon as the first quarter of next year.

San Francisco-based Reddit is known for its discussion boards like r/wallstreetbets, a forum to discuss equity trading that helped fuel a surge of interest in so-called meme stocks in 2021.

Reports suggest that Reddit has been eyeing a possible IPO for some time, but has held off from the making the move due in part to volatile market activity.

In February, The Information reported that Reddit was looking to go public in the second half of 2023. Prior to that, Bloomberg said last year that Reddit was in talks with Morgan Stanley and Goldman Sachs over a listing that would value the business at as much as $15 billion.

The market for expensive initial share sales in the U.S. has been sluggish recently, particularly in the wake of a series of relatively tepid debuts in September and October this year.

But there are signs of potential green shoots. Most notably, Chinese fast-fashion retailer Shein has confidentially filed for an initial public offering in the U.S., according to media reports citing people familiar with the matter. Data security start-up Rubrik and underwear label Skims are also considering possible IPOs next year, people familiar with the situations told Bloomberg.