San Francisco-based social media giant, Reddit Inc., is reportedly engaging in discussions with potential investors for an initial public offering (IPO) that could take place as early as 2024.
Insiders privy to the matter disclosed that Reddit, whose user base played a significant role in the meme-stock frenzy of 2021, is contemplating an IPO, possibly in the first quarter of 2024, reported Bloomberg. The company is said to be in collaboration with Morgan Stanley MS and Goldman Sachs Group Inc. GS for the prospective listing. The estimated valuation is projected to reach $15 billion.
The U.S. has experienced a slowdown in first-time share sales for several months, owing to fluctuating markets and the poor performance of multiple IPOs towards the end of 2023. The total U.S. volume for this year is expected to barely surpass that of 2022, marking the worst performance for IPOs in the country in over a decade.
Several other companies including Rubrik Inc., a cloud and data security startup backed by Microsoft Corp. MSFT, and Skims, the clothing label owned by Kim Kardashian, which is valued at $4 billion, are also reportedly considering IPOs in the coming future.
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