Rudy Yang

Reddit is looking to list on the New York Stock Exchange with the ticker RDDT next week. Indeed, public filings reveal it is looking to raise more than $500 million, valuing it at up to US$6.4 billion. This initial public offering (IPO) is the first major social media debut since Pinterest (PINS) in 2019. However, it comes after a series of buzzy listings last Autumn – see Arm Holdings (ARM), Instacart (Maplebear) (CART), Klaviyo (KVYO), and Birkenstock (BIRK).

This initial public offering (IPO) is the first major social media debut since Pinterest (PINS) in 2019. However, it comes after a series of buzzy listings last Autumn – see Arm Holdings (ARM), Instacart (Maplebear) (CART), Klaviyo (KVYO), and Birkenstock (BIRK). All have since failed to ignite the IPO market. As such, Reddit will be a test case after the IPO dearth, according to Morningstar market strategist Michael Field: "A successful IPO could tempt others to market.