US knowledge-sharing site Quora is starting preparations for an initial public offering (IPO) in early 2022, according to people familiar with the matter.
Quora has been in talks over the past few days to hire investment bankers and for its debut on the New York Stock Exchange, sources said. The Mountain View, California-based company was worth about $2 billion in private funding in 2019 and is expected to cost twice as much as the IPO, the source added.
The source who requested anonymity because the preparations are confidential warned that the timing and extent of the explosion will depend on market conditions and are subject to change.
A spokesperson for Quora said the company “does not want to comment on rumours”.
Quora’s inventory plan comes in a record year for an IPO. Several big tech startups, including Stripe, Instagram, Rapi and Gopf, will go public next year, sources told Reuters.
Another social media company, Reddit, is slated to go public in 2022 and will hire an advisor for its listings, Reuters reports.
Founded in 2009 by former Facebook executives Adam D’Angelo and Charlie Cheever, Quora is growing in popularity for its search engine optimization technology that helps users answer unusual questions.
When it started as a simple Q&A site, it added a blog to its offerings. According to a recent blog post, more than 300 million people use Quora every month.
The company is struggling to generate revenue outside of advertising. In a blog post, D’Angelo said that Quora will introduce a subscription feature that will allow content creators to charge for content.
Silicon Valley-based venture capital firms Benchmark Capital and Peter Teal were among Quora’s first investors.
Thomson Reuters 2021
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