Reddit Inc. is once again in talks with potential investors for an IPO of the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited market reopening to new listings.
Reddit Inc. is once again in talks with potential investors for an IPO of the social media company, according to people familiar with the matter, as hopefuls prepare for a long-awaited market reopening to new listings.
The San Francisco-based company, whose users helped fuel the meme stock frenzy that made 2021 a record year for stocks, is considering an IPO as early as the first quarter, the sources said. Reddit was working with Morgan Stanley and Goldman Sachs Group Inc. on the listing, Bloomberg News reported last year, and was eyeing a valuation of up to $15 billion.
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Companies planning to sell their first shares in the United States have been stymied for months by volatile markets and relatively weak results for four closely watched debuts in September and October that all but slammed the door on major IPOs in 2023.
With total U.S. IPO volume this year expected to barely surpass 2022 — the worst year in more than a decade for IPOs in the country, according to data compiled by Bloomberg — hopes weighing major listings and their advisors are largely looking towards 2024.
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Rubrik Inc., a data and cloud security startup backed by Microsoft Corp., is also considering an IPO as early as the first quarter, people familiar with the deliberations said.
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Kim KardashianUnderwear brand Skims, valued this summer at $4 billion, is discussing strategic options, including an IPO that could happen as early as next year, people familiar with the matter said, asking not to be identified because the information is not public.
“Skims deserves to be a public company, when the time comes,” CEO Jens Grede told Bloomberg News in a June interview.
Details of Reddit, Rubrik and Skims’ respective projects could change and there is no guarantee the companies will move forward with their listings, the sources said. Representatives for Skims, Reddit and Rubrik declined to comment.
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Several other companies are eyeing major IPOs as early as 2023, Bloomberg News reported, but with only a few trading weeks left in the year, that window is quickly closing.
Chinese electric vehicle maker Zeekr Intelligent Technology Holding Ltd. filed for listing on the stock exchange this month. The Zhejiang Geely Holding Group-backed company updated its financial figures on Friday, posting revenue of $4.9 billion in the nine months to September 30, almost double the figure for the same period last year, according to Bloomberg calculations.
EQT AB-backed Waystar Holding Corp., which filed in November, plans to pursue its IPO while monitoring market conditions, Bloomberg News reported.
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