- Reddit is aiming for an initial public offering as early as the first quarter of 2024.
- Potential investors have advised targeting a valuation of at least $5 billion, Bloomberg reported.
- Investors are hoping for an even more active IPO market in 2024.
One of the things I'm most excited about IPO expected in 2024.
According to Bloomberg, potential investors are advising social media platform Reddit to prepare for an initial public offering as early as March, with a goal of a valuation of more than $5 billion. report, This is based on a source familiar with the matter.
The success of an IPO depends in part on conditions in the IPO market, which has struggled in recent years. Bloomberg reports that Reddit's valuation is estimated at less than $5 billion on the private market. As Reddit begins preparing for his first public offering in late 2021, A record year for venture capital — Some thought the IPO could value the company at $15 billion.
investors expect it 2024 will be a more active year For IPO market. IPOs started to pick up steam again last year, with profitable tech startups like Instacart and Klaviyo filing to go public. This year's IPO market could also be helped by the Fed's promised interest rate cuts and a weak M&A market. The last time the social media company went public was in his 2019. That was Pinterest, and his valuation was $10 billion.
Reddit's current targets indicate that the days of high valuations are over, for now. Reddit declined a request for further comment from Business Insider.
Some people have named it Reddit. “Internet top page” was founded in 2005 by University of Virginia roommates Steve Huffman, Alexis Ohanian, and Aaron Swartz.
One year later, it was one of the largest sites in the world in terms of unique visitors. The founders then sold it to Condé Nast for just $10 million. Mr. Ohanian went on to start venture firms Initialized Capital and Seven Seven Six, but Mr. Huffman has been at the company's side, serving as CEO since 2015 and leading the way during the pandemic that created the meme stock boom. The company has overseen a period of significant growth.
Still, still Huffman is shocked by Reddit's progress Since its release. He said the business once felt like “homework that got out of hand.”
