Reddit leads class of 2024 IPO candidates testing the water | Mint
Active Stocks
Wed Feb 21 2024 15:59:55
  1. Tata Steel share price
  2. 143.85 1.99%
  1. Bharti Airtel share price
  2. 1,139.75 -0.38%
  1. State Bank Of India share price
  2. 771.55 1.51%
  1. Power Grid Corporation Of India share price
  2. 280.15 -2.71%
  1. ITC share price
  2. 403.30 -0.68%
Business News/ Companies / News/  Reddit leads class of 2024 IPO candidates testing the water
BackBack

Reddit leads class of 2024 IPO candidates testing the water

Reddit Inc. is in talks with potential investors for an IPO, with plans to go public in the first quarter of 2024.

Reddit Inc. is in talks with potential investors for an IPO. Photo: ReutersPremium
Reddit Inc. is in talks with potential investors for an IPO. Photo: Reuters

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.

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.

Also Read: Reddit user loses 6 lakhs in options trading, doesn't want to live... community unites in kindness

Companies planning first-time share sales in the US have been stymied for months by volatile markets and a relatively weak showing for four closely watched debuts in September and October, which all but slammed the door on big-ticket IPOs in 2023.

With this year’s total US volume set to just barely surpass 2022 — the worst year in over a decade for IPOs in the country, according to data compiled by Bloomberg — hopefuls weighing sizable listings and their advisers are largely turning their gaze to 2024.

Also Read: Reddit blackout: Read internal memo shared by CEO Steve Huffman addressing the issue

Rubrik Inc., a Microsoft Corp.-backed cloud and data security startup, is also considering holding its IPO as soon as in the first quarter, people familiar with the deliberations said.

Read More: Apple saves yet another life! SOS feature saves reddit user in fatal car crash

Kim Kardashian’s Skims underwear label, valued this summer at $4 billion, is discussing strategic options including an IPO that could come as soon as next year, people with knowledge of the matter said, asking not to be identified as the information isn’t public.

“Skims deserves to be a public company — when the time is right," Chief Executive Officer Jens Grede told Bloomberg News during an interview in June.

Details of Reddit, Rubrik and Skims’s respective plans could change and there’s no guarantee the companies will move ahead with listings, the people said. Representatives for Skims, Reddit and Rubrik declined to comment.

Read More: Kim Kardashian’s Skims can’t get far with shapewear for men

Several other firms have been considering sizable IPOs as soon as 2023, Bloomberg News has reported, though with only a few weeks of trading left in the year, that window is rapidly closing.

Chinese electric-vehicle maker Zeekr Intelligent Technology Holding Ltd. filed for its listing this month. The Zhejiang Geely Holding Group-backed firm updated its financial figures on Friday, showing $4.9 billion in revenue in the nine months to Sept. 30, almost doubling the figure from the same period last year, according to Bloomberg calculations.

EQT AB-backed Waystar Holding Corp., which filed in November, is considering moving forward with its IPO while monitoring market conditions, Bloomberg News has reported.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 28 Nov 2023, 06:51 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App