Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Reddit taps Morgan Stanley, Goldman Sachs for IPO - source

Reddit
Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Social media platform Reddit Inc, whose message boards became the center of the stock trading frenzy in 2021, relies on Wall Street banks Morgan Stanley (MS.N) and Goldman Sachs Group (GS. N) for its initial public offering, a source familiar with the matter told Reuters on Friday. 

Reddit had confidentially filed for an IPO in December and is aiming for a valuation of more than $15 billion at the time of its listing. It was valued at $10 billion in a private fundraiser led by Fidelity Management in August. 

A second source familiar with the matter said JPMorgan Chase (JPM.N) is also one of the top underwriters on the deal.

Goldman Sachs and Reddit did not immediately respond to Reuters requests for comment. Morgan Stanley and JPMorgan Chase declined to comment. Reddit, founded in 2005 by Steve Huffman and Alexis Ohanian, has over 50 million daily active users and over 100,000 communities. 

Its message boards, most notably the WallStreetBets thread, have been at the center of a pitched battle between small traders and large hedge funds, and have helped make big gains in very short stocks of companies like GameStop (GME. N) and AMC (AMC .N), while popularizing the term  meme stocks. 

Globally, IPOs  raised a record $594 billion in 2021, in the wake of stock rallies, with technology and healthcare  the biggest sectors driving IPO volumes in stock exchange.

There were 426 technology IPOs last year and 332 healthcare-related deals, collectively accounting for almost 42% of IPO proceeds raised by companies globally, according to Refinitiv

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio
Post a Comment
Read more

Drone crash near kids leads Swiss Post and Matternet to suspend autonomous deliveries

A serious crash by a delivery drone in Switzerland have grounded the fleet and put a partnership on ice. Within a stone’s throw of a school, the incident raised grim possibilities for the possibilities of catastrophic failure of payload-bearing autonomous aerial vehicles. The drones were operated by Matternet as part of a partnership with the Swiss Post (i.e. the postal service), which was using the craft to dispatch lab samples from one medical center for priority cases. As far as potential applications of drone delivery, it’s a home run — but twice now the craft have crashed, first with a soft landing and the second time a very hard one. The first incident, in January, was the result of a GPS hardware error; the drone entered a planned failback state and deployed its emergency parachute, falling slowly to the ground. Measures were taken to improve the GPS systems. The second failure in May, however, led to the drone attempting to deploy its parachute again, only to sever the line
Post a Comment
Read more

How the world’s largest cannabis dispensary avoids social media restrictions

Planet 13 is the world’s largest cannabis dispensary. Located in Las Vegas, blocks off the Strip, the facility is the size of a small Walmart. By design, it’s hard to miss. Planet 13 is upending the dispensary model. It’s big, loud and visitors are encouraged to photograph everything. As part of the cannabis industry, Planet 13 is heavily restricted on the type of content it can publish on Instagram, Facebook and other social media platforms. It’s not allowed to post pictures of buds or vapes on some sites. It can’t talk about pricing or product selection on others.   View this post on Instagram   A post shared by Morgan Celeste SF Blogger (@bayareabeautyblogger) on Jan 25, 2020 at 7:54pm PST Instead, Planet 13 encourages its thousands of visitors to take photos and videos. Starting with the entrance, the facility is full of surprises tailored for the ‘gram. As a business, Planet 13’s social media content is heavily restricted and monito
3 comments
Read more