Nov. 5 (Reuters) – U.S. knowledge-sharing site Quora Inc launched preparations for an initial public offering (IPO) in early 2022, according to people familiar with the matter.
Quora has had talks in recent days to hire investment bankers and lawyers for its New York stock exchange debut, the sources said. The Mountain View, Calif.-Based company was valued at around $ 2 billion in a private 2019 funding round, and hopes to be worth more than double in an IPO, one of the sources added. .
The sources, who requested anonymity as the preparations are confidential, warned that the schedule and size of the show are subject to market conditions and may change.
A spokesperson for Quora said the company was “not commenting on the rumors.”
Quora’s listing plans follow a record year for IPOs. A number of high-profile tech startups, including Stripe, Instacart, Rappi and GoPuff, are preparing to go public next year, sources told Reuters. Read more
Reddit, another social media company, is also preparing to go public in 2022 and is set to hire advisers for its listing, Reuters reported. Read more
Founded in 2009 by former Facebook executives Adam D’Angelo and Charlie Cheever, Quora has grown in popularity with its search engine optimization technology, which provides users with answers to unusual questions.
Although it started out as a simple question-and-answer site, it has expanded its offering to include blogging. According to a recent company blog post, more than 300 million people use Quora every month.
The company struggled to generate revenue beyond advertising. In the blog post, D’Angelo said Quora will launch a subscription feature that would allow creators to charge for content.
Benchmark Capital and Silicon Valley-based venture capital giant Peter Thiel are among Quora’s early investors.
Reporting by Anirban Sen in Bengaluru, additional reporting by Echo Wang in New York, editing by Richard Pullin
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