Reddit IPO定价34美元/股，达到了市场定价区间的上限，使该公司摊薄后的估值接近64亿美元。这一数字约为2021年100亿美元估值的一半。截至去年12月31日，该社交媒体平台每周活跃用户为2.675亿。2023年，该公司营收为8.08亿美元，同比增长约21%，而净亏损从2022年的1.586亿美元收窄至9080万美元。Source: Zhitong Finance
The social media platform Reddit (RDDT.US) hits the NYSE tonight.
The US IPO market has been fairly calm for the past two years, but that may be about to change. On Wednesday, AI chip makers$Astera Labs (ALAB.US)$Shares soared 72% on the first day of listing. A social media platform with the title of “US version of Tieba”$Reddit (RDDT.US)$It hits the New York Stock Exchange tonight. If Reddit shares perform well after listing, this could mark a return of market interest in new shares.
The Reddit IPO was priced at $34 per share, reaching the upper limit of the market pricing range, bringing the company's diluted valuation close to $6.4 billion. This figure is about half of the 2021 $10 billion valuation. As of December 31 of last year, the social media platform had 267.5 million weekly active users. In 2023, the company's revenue was US$808 million, up about 21% year over year, while net loss narrowed from US$158.6 million in 2022 to US$90.8 million.
Approximately 8% of the IPO shares will be reserved for Reddit users and moderators who created accounts before January 1, as well as friends and families of some board members, some employees, and directors. According to Reddit's filing, these shares are not subject to a lockdown period, which means owners can sell the shares on the first day of trading.
Other oversubscribed stocks will go to institutional investors, but the participation of retail investors has sparked speculation that Reddit may become a MEME stock, and that sharp fluctuations in its stock price may cause investors to lose a lot. Notably, Reddit's r/WallStreetBets forum was the driving force behind the 2021 meme stock frenzy, which was promoted by retail investors$GameStop (GME.US)$,$AMC Entertainment (AMC.US)$und$BlackBerry (BB.US)$Wait until stocks soar.
Reddit hasn't been profitable in almost 20 years, but before the IPO, it was peddling some big plans. The company recently signed an artificial intelligence content agreement with Google, which could bring more agreements to help train large language models. “We believe a new opportunity has arisen in the data licensing space,” Reddit stated. Reddit also plans to establish features such as a marketplace for products and services, and expects its total global advertising market to reach $1.4 trillion by 2027.
