Reddit taps Morgan Stanley, Goldman Sachs for IPO - source

FILE PHOTO: Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Social media platform Reddit Inc, whose message boards became central to meme stock trading frenzy in 2021, is tapping Wall Street banks Morgan Stanley and Goldman Sachs Group for its initial public offering, a source familiar with the matter told Reuters on Friday.

Reddit had confidentially filed for an IPO in December and is aiming for a valuation of over $15 billion at the time of its flotation. It was valued at $10 billion in a private fundraising round led by Fidelity Management in August.