Reddit seeking a valuation of up to $6.5 billion in IPO

[Wave]

Reddit seeking a valuation of up to $6.5 billion in IPO

Read more here:
https://www.cnbc.com/2024/03/01/reddit- ... n-ipo.html

KEY POINTS

- Reddit is seeking a valuation of up to $6.5 billion for its upcoming IPO, according to a person familiar with the matter.
- The company filed to go public in February and plans to trade on the New York Stock Exchange under the ticker RDDT.
- When Reddit goes public, it will represent the first major tech IPO of the year and the first social media IPO since Pinterest’s Wall Street debut in 2019.

Reddit is seeking a valuation of up to $6.5 billion in its upcoming IPO, according to a person familiar with the matter.

The company plans to price its IPO between $31 to $34 a share, the person said. The Wall Street Journal was first to report on the expected range and valuation.

Reddit filed to go public in February and plans to trade on the New York Stock Exchange under ticker symbol RDDT.

Employees will be allowed to sell Reddit stock during the offering, the source added. Reddit had a private market valuation of $10 billion when it last raised a funding round of $1.3 billion in 2021, according to PitchBook.

At the top of the range, Sam Altman’s shares in the company would be worth over $400 million. The OpenAI CEO led a $50 million funding round into Reddit in 2014, and said in a blog post at the time that he’d been daily Reddit user for 9 years and that the company was “an example of something that started out looking like a silly toy for wasting time and has become something very interesting.” Altman was on Reddit’s board from 2015 until 2022.

Other notable shareholders include Tencent and Advance Magazine Publishers, the parent company of publishing giant Condé Nast. A year after tech entrepreneurs Alexis Ohanian and Steve Huffman founded Reddit, Condé Nast bought the company, before spinning it out in 2011.

In 2021, Reddit filed a confidential draft of its public offering prospectus with the Securities and Exchange Commission.

The company brought in $804 million in annual revenue for 2023, representing a 20% year-over-year increase from $666.7 million, according to its latest IPO prospectus. Its net loss narrowed to $90.8 million for 2023 from $158.6 million the year prior.

[Japan]

$6.5 billion sure sounds like a big number. However, this company indeed continues to have net losses. Reddit hasn’t turned a profit in nearly 20 years, but it just filed to go public anyway.

Read more here:
https://www.cnn.com/2024/02/23/tech/red ... index.html

New York - CNN - Reddit, the message board site known for its chronically online userbase and for originating much internet discourse, filed for its long-anticipated initial public offering on Thursday.

The move would make Reddit the first major social media company to go public since Snapchat in 2017. And the offering will come with a twist that could allow some of the most fervent of its more than 70 million daily users to buy shares in the IPO — an opportunity typically reserved for institutional investors.

Reddit said it will reserve shares for top users to buy, based on their so-called “karma,” a term the platform uses to measure its users’ contributions and reputation on the site.

[Germ]

Reddit’s pre-IPO roadshow to kick off next week

Read more here:
https://www.ft.com/content/b3199303-d41 ... 3c0b0ee8ed

The roadshow for Reddit’s closely watched public debut on the New York Stock Exchange will start on Monday, as it prepares to begin trading the following week in a tech listing that will set the tone for the market in 2024.

The social media platform is trying to secure an anchor investor as it pitches its fast-growing advertising business and the promise of revenues from selling its data. Reddit plans to price its initial public offering on March 20 and start trading the following day, according to two people familiar with the matter.

The company is targeting between $31 and $34 a share, translating to a valuation of as much as $6.5bn. Reddit and the NYSE declined to comment.

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