(Bloomberg) -- Reddit Inc. and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far...
— Reddit Inc. and 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.Slow US Inflation Retreat Is Set to Bolster Fed Patience on Rate CutsThe social media platform plans a sale of 22 million shares for $31 to $34 each, said the people, who asked not to be identified because the information wasn’t public yet. The company was seeking a valuation of as much as $6.
Meanwhile, IPOs in the US plummeted as the coronavirus pandemic dragged on, totaling 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.
Reddit’s largest shareholder is Advance Magazine Publishers Inc., part of the Newhouse family publishing empire that owns Conde Nast, which bought Reddit in 2006 and spun it out in 2011. -- This week, the US bond market faces its own Super Tuesday of sorts: the release of fresh inflation data investors will use to predict when the Federal Reserve will start cutting interest rates.
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