{"id":10010,"date":"2024-03-11T03:05:48","date_gmt":"2024-03-11T03:05:48","guid":{"rendered":"https:\/\/topat10.com\/?p=10010"},"modified":"2024-03-11T03:05:48","modified_gmt":"2024-03-11T03:05:48","slug":"reddit-aims-to-raise-up-to-748-million-in-high-profile-ipo-that-other-ventures-and-members-of-the-subreddit-wallstreetbets-will-watch-closely","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=10010","title":{"rendered":"Reddit aims to raise up to $748 million in high-profile IPO that other ventures\u2014and members of the subreddit WallStreetBets\u2014will watch closely"},"content":{"rendered":"\n

Reddit Inc.<\/a>\u00a0and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far this year, according to people familiar with the matter.<\/p>\n

\n

The social media platform and some of its current shareholders plan a sale of 22 million shares for $31 to $34 each, said the people, who asked not to be identified because the information wasn\u2019t public yet. The company was seeking a valuation of as much as $6.5 billion in the listing, Bloomberg News has reported.<\/p>\n

The people said the company is setting aside about 1.76 million shares in the IPO to be bought by users and moderators who created accounts before Jan. 1. Those shares won\u2019t be subject to a lockup period, meaning the owners can sell them on the opening day of trading, according to Reddit\u2019s filing in February with the US Securities and Exchange Commission.<\/p>\n

A representative for Reddit declined to comment.<\/p>\n

Reddit\u2019s Valuation<\/h3>\n

Reddit\u2019s more than two-year slog to listing reflects the ups and downs of the market, beginning with its initial confidential filing in 2021, when IPOs on US exchanges set an an all-time record of $339 billion, according to data compiled by Bloomberg. Reddit raised funds that year valuing it at $10 billion, and Bloomberg News reported the following year that it could be valued at as much as $15 billion in an IPO.<\/p>\n

Meanwhile, IPOs in the US tumbled, reaching only $26 billion last year, the data show. In January, Bloomberg News reported that Reddit was weighing feedback from early meetings with potential IPO investors that it should consider a valuation of at least $5 billion.<\/p>\n

The company is a high-profile addition to the year\u2019s roster of newly and soon-to-be public companies. The biggest of those listings was the $1.57 billion offering by\u00a0Amer Sports Inc.<\/a>\u00a0in January.\u00a0Astera Labs Inc.<\/a>, a software maker focused on artificial intelligence, said in a filing Friday that it would seek up to $534 million in its IPO, which will likely proceed Reddit\u2019s.<\/p>\n

Read More:\u00a0Intel-Backed Astera Seeks $534 Million in IPO With AI Appeal<\/a><\/p>\n

Reddit\u2019s listing will be watched closely by IPO candidates such as Microsoft<\/a> Corp.-backed data security start up\u00a0Rubrik Inc.<\/a>\u00a0and health-care payments company\u00a0Waystar Technologies Inc.<\/a>\u00a0Their deliberations come after a quartet of US listings led by semiconductor designer\u00a0Arm Holdings Plc<\/a>\u2019s $5.23 billion offering in September failed to ignite a lasting rebound in the market.<\/p>\n

Shrinking Losses<\/h3>\n

Founded in 2005, Reddit averaged 73.1 million daily active unique visitors in the fourth quarter, according to its February filing. The company reported a net loss of $91 million on revenue of $804 million in 2023, compared with a net loss of about $159 million on revenue of $667 million a year earlier.<\/p>\n

Reddit\u2019s largest shareholder is\u00a0Advance Magazine Publishers Inc.<\/a>, part of the Newhouse family publishing empire that owns Conde Nast, which bought Reddit in 2006 and spun it out in 2011.<\/p>\n

Reddit said its millions of loyal users and moderators pose risks as well as a benefit for the company. Redditors have a historically combative relationship with the site, launching revolts over everything from racism on the platform to executives\u2019 staffing decisions.<\/p>\n

Meme Stocks<\/h3>\n

Thousands of members of the WallStreetBets forum \u2014 which boasts around 15 million users and helped popularize meme stocks like\u00a0GameStop Corp.<\/a>\u00a0\u2014 voted to boost a forum post about\u00a0shorting Reddit\u2019s stock<\/a>\u00a0when it begins trading. Their reasons varied from the company\u2019s lack of profitability to competitive concerns.<\/p>\n

The IPO is being led by\u00a0Morgan Stanley<\/a>,\u00a0Goldman Sachs Group Inc.<\/a>,\u00a0JPMorgan Chase & Co.<\/a>\u00a0and\u00a0Bank of America Corp.<\/a>, according to Reddit\u2019s filing. The company plans for its shares to trade on the New York Stock Exchange under the symbol RDDT.<\/p>\n

Reddit co-founder and Chief Executive Officer\u00a0Steven Huffman\u00a0said in a signed letter included in the filing that the company has many opportunities to grow both the platform and the business.<\/p>\n

\u201cAdvertising is our first business, and advertisers of all sizes have discovered that Reddit is a great place to find high-intent customers that they aren\u2019t able to reach elsewhere,\u201d Huffman said. \u201cAdvertising on Reddit is rapidly evolving, and we are still in the early phases of growing this business.\u201d<\/p>\n

AI Licensing<\/h3>\n

Reddit said it\u2019s in the early stages of allowing third parties to license access to data on the platform, including to train artificial intelligence models. The company said that in January it entered into data licensing arrangements with an aggregate contract value of $203 million and terms ranging from two to three years. It expects a minimum of $66.4 million of revenue from those agreements this year, according to the filing.<\/p>\n

Reddit also has announced a deal with Alphabet Inc.\u2019s Google<\/a>, allowing Google\u2019s AI products to use Reddit data to improve their technology. Large language models often need vast troves of human-generated content to improve.<\/p>\n

Huffman owns shares giving him 3.5% of the voting power. That includes Class B shares that will have 10 votes each compared with one each for the Class A shares to be sold in the IPO, the filing shows. Huffman also has a voting proxy agreement with Advance.<\/p>\n

Other large shareholders include Chief Operating Officer Jennifer Wong, as well as\u00a0FMR LLC<\/a>\u00a0and entities affiliated with OpenAI Chief Executive Officer Sam Altman, Tencent Holdings<\/a> Ltd., Vy Capital and\u00a0Quiet Capital<\/a>\u00a0and\u00a0Tacit Capital<\/a>, according to the filing.<\/p>\n

Huffman\u2019s fellow co-founder, venture capitalist\u00a0Alexis Ohanian, isn\u2019t listed among the investors with stakes of 5% or more and isn\u2019t named elsewhere in the filing.<\/p>\n

\u2014 With assistance from Priya Anand, Ryan Gould, and Katie Roof<\/em><\/p>\n<\/div>\n

Subscribe to the Eye on AI newsletter to stay abreast of how AI is shaping the future of business. Sign up<\/a> for free.<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Reddit Inc.\u00a0and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far this year, according to people familiar with the matter. 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Or, Bloomberg","author_link":"https:\/\/topat10.com\/?author=331"},"uagb_comment_info":0,"uagb_excerpt":"Reddit Inc.\u00a0and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far this year, according to people familiar with the matter. 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