Social media platform Reddit is eyeing up an initial public offering worth at least $5 billion after garnering feedback from potential investors, according to a new report.

Bloomberg cites “people familiar with the matter” said the company was after a price range in the mid-single digit billions, despite unlisted shares putting the company at a lower valuation.

March flotation?

The sources added a final valuation and decision to go public will depend on the IPO market’s recovery, with fewer companies floating shares than in prior years due to wider economic factors.

Reuters recently reported that Reddit could launch its IPO as soon as March. It noted that a flotation “could be pushed back” however.

Reddit’s planned IPO price is a far cry from a previous report in 2022 that a flotation could value the company at as much as $15 billion.

According to The Information, Reddit garnered more than $800 million from ad revenue in 2023, a rise of 20% year-over-year.