(Reuters) -Social media platform Reddit made public its paperwork for an initial public offering (IPO) in the United States on Thursday.
The IPO filing comes almost two decades after Reddit’s launch and will be a major test for the platform that still lags the commercial success of social media contemporaries such as Facebook and Twitter, now known as X.
Reddit was valued at $10 billion in a funding round in 2021 and it is unclear what valuation the company will aim for during its share sale in the coming weeks. It is expected to seek a sale of nearly 10% of its shares in the IPO, Reuters reported earlier.
Morgan Stanley and Goldman Sachs have been tapped as the lead underwriters for Reddit’s IPO, which includes more than a dozen other banks.
(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Devika Syamnath and Pooja Desai)
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