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this post was submitted on 04 Feb 2024
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ft.com Reddit chooses New York Stock Exchange for long-stalled IPO Hannah Murphy, Nicholas Megaw ~3 minutes
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Social media platform Reddit has picked the New York Stock Exchange as the venue for its long-delayed stock market debut, according to two people familiar with the plans, a victory for the exchange in its long-running listings battle with rival Nasdaq.
The decision, ahead of an initial public offering that could take place as soon as next month, will be taken as the latest encouraging sign of life in the US IPO market after two years of limited activity.
San Francisco-based Reddit first lodged a confidential filing for an IPO with the US Securities and Exchange Commission in late 2021, but held off going public as tech stocks fell in the face of tough macroeconomic conditions and an advertising slump.
It would be the most high-profile tech group to list on Intercontinental Exchange’s NYSE since the height of the IPO market boom in 2020-21. Advertising software group Klaviyo was the only large software listing on NYSE last year, as Nasdaq lured chip designer Arm and delivery group Instacart.
Nasdaq has historically dominated the market for tech listings in particular, though NYSE has previously won large companies such as Uber and Spotify. Nasdaq’s dominance in tech has helped it pull ahead of its rival as the most popular venue for listings more broadly in recent years.
Reddit, once known as a bastion of free speech and criticised by experts for its light-touch approach to moderation, has sought to develop its advertising offering and better police the more controversial corners of its forums to satisfy marketers.
One person close to the company said it is aiming to achieve an initial valuation of at least $5bn when it goes public. It was valued at $10bn in its most recent private fundraising in 2021, but private company valuations tumbled in the past two years as interest rates increased.
The US IPO market has had a shaky start to the new year. Fundraising volumes have risen, with about $3.5bn raised compared to just $500mn in the same period in 2023, according to Dealogic, but the two largest deals — sportswear maker Amer Sports and healthcare group BrightSpring — both struggled to build investor interest and priced below their target ranges.
NYSE and Reddit declined to comment.