Reddit Inc. is again in 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 in 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 company, whose users have helped fuel the self-dealing frenzy that has made 2021 a banner year for stocks, is weighing an IPO as soon as the first quarter, the people said. Reddit worked with Morgan Stanley and Goldman Sachs Group Inc. on the list, Bloomberg News reported last year, and was considering a valuation of up to $15 billion.
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Companies planning initial public offerings in the U.S. have been held back by months of volatile markets and a relatively weak showing from four closely watched debuts in September and October that all but slammed the door on big-ticket IPOs in 2023.
With this year’s total U.S. volume barely outpacing 2022 β the worst year in more than a decade for IPOs in the country, according to data compiled by Bloomberg β hopefuls weighing sizeable listings and their advisers are largely turning their sights to 2024. .
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Rubrik Inc., a Microsoft Corp.-backed cloud and data security startup, is also considering holding its IPO as soon as the first quarter, people familiar with the discussions said.
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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 because the information is not are public.
“Skims deserves to be a public company β when the time is right,” CEO Jens Grede told Bloomberg News during an interview in June.
Details of Reddit, Rubrik and Skims’ respective plans could change and there’s no guarantee the companies will move forward with listings, the people said. Representatives for Skims, Reddit and Rubrik declined to comment.
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Several other firms were considering sizable IPOs as soon as 2023, Bloomberg News reported, though with only a few weeks of trading left in the year, that window is closing fast.
Chinese electric car manufacturer Zeekr Intelligent Technology Holding Ltd. presented its listing this month. The Zhejiang Geely Holding Group-backed company updated its financial figures on Friday, showing $4.9 billion in revenue in the nine months to September 30, nearly double 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 reported.
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Updated: 28 Nov 2023, 06:51 IST
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