Reddit aims for IPO in second half of 2023

(Representative Image)

Social media platform Reddit Inc is looking to go public later this year, likely in the second half, the Information reported on Tuesday, citing people familiar with the matter.

Reddit and other firms including grocery delivery firm Instacart are keeping their initial public offering paperwork up to date, in preparation for their debuts when market conditions improve, the report added.

Reddit did not immediately respond to Reuters' request for comment.

The IPO market had come to a virtual standstill last year with several high-profile listings on ice as a selloff in high-growth tech stocks and volatility in the capital markets soured investor sentiment.

In December 2021, Reddit had confidentially filed for an initial public offering with the U.S. securities regulator, after the company's message boards became the go-to destination for day traders during the meme stock frenzy.