Reddit Inc. is again holding talks with potential investors for an initial public offering for the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings.

The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said. Reddit was working with Morgan Stanley and Goldman Sachs Group Inc. on the listing, Bloomberg News reported last year, and was considering a valuation of as much as $15 billion.