Reddit Inc, a social media company that helped fuel last year’s meme stock frenzy, is working with Morgan Stanley and Goldman Sachs Group Inc to go public as soon as March, people with knowledge of the matter have said.
Reddit could be valued at as much as US$15 billion in an initial public offering (IPO), the people said, asking not to be identified discussing private information.
The San Francisco-based firm was valued at US$10 billion by investors in a funding round led by Fidelity Management Inc last year. Other Reddit investors include Sequoia Capital, Andreessen Horowitz, Coatue Management and Tencent Holdings Ltd (騰訊), data provider PitchBook said.
Photo: Bloomberg
Reddit’s plans are not final, and details including timing and valuation could still change, the people said.
Representatives for Reddit, Morgan Stanley and Goldman Sachs declined to comment.
Reddit last month announced that it had confidentially submitted listing documents to the US Securities and Exchange Committee for an IPO.
It did not mention timing or advisers in a statement at the time.
Capital markets are off to a quiet start this year, after IPOs last year shattered records, with 491 listings on US exchanges raising more than US$169 billion, but delivering investor overall losses, data compiled by Bloomberg showed.
Shares of those firms, which do not include blank-check firms, have fallen about 12 percent from their IPO prices on a weighted average basis, the data showed.
Buyout firm TPG Inc is set to be the first big US IPO of the year. It set terms this week to raise as much as US$1.05 billion, with its shares expected to price on Wednesday and begin trading on Thursday.
Reddit, founded in 2005, saw a surge of interest last year after a forum on the Web site, WallStreetBets, jolted the stock market. The trading frenzy, driven largely by posts on the site, whipsawed the prices of GameStop Corp and AMC Entertainment Holdings Inc.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
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Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
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