Asian Tech Press (SEP 03) -- Reddit was recently revealed to be looking for investment bankers and lawyers for an initial public offering that is expected to value the company at more than $10 billion.

Reddit was valued at $10 billion in a private funding round last month. According to the sources, the company plans to make an initial public offering early next year and hopes its valuation will exceed $15 billion. They also said the timing and size of the IPO would depend on market conditions. Reddit has not yet issued any comment.

Reddit was co-founded in 2005 by Steve Huffman, Alexis Ohanian, and Aaron Swartz, who died young in 2013. The site comes second in popularity in the US after other major social media platforms such as Facebook and Twitter.

Reddit's largest investors include Fidelity Investments, Sequoia Capital and Tencent Holdings, among others.