Digital payments processor Stripe Inc, the most valuable U.S. technology startup, has taken its first major step toward a stock market debut by hiring a law firm to help with preparations, according to people familiar with the matter.
The 11-year-old company, which was valued by investors at US$95 billion in a fundraising round in March, has sat out this year's red-hot market for initial public offerings , using private tender offers to allow some of its existing investors and employees to cash out their holdings.Remaining private has enabled Stripe to keep such financial details as revenue and profitability under wraps.
Stripe is considering going public through a direct listing, rather than a traditional IPO, because it does not need to raise money, said two of the sources, cautioning that those plans could change.
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