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Social media platform Reddit is looking to sell a 10% stake in an IPO York this March and has “drawn up detailed plans” to push forward its plans to go public, which have been in the making since 2021, Reuters reports, citing sources with knowledge of the plans. The company had “filed confidentially for its IPO in December 2021 [and] is planning to make its public filing in late February” before kicking off the IPO roadshow and completing the roadshow in March, Reuters’ sources said.
The transaction has previously hit bumps in the road — and could be pushed back again, the sources said, after the company previously decided to shelve its IPO plans “until it came closer to profitability.” Reddit had also delayed going public as market conditions “shut down the IPO market for much of the last two years,” Reuters notes.
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THE CLOSING BELL-
The ADX fell 0.1% yesterday on turnover of AED 1.16 bn. The index is up 1.5% YTD.
In the green: Al Wathba National Ins. (+14.9%), Umm Al Qaiwain General Investment (+13.6%) and Rak CO. (+10.3%).
In the red: Abu Dhabi National (-3.7%), Q Holding (-3.3%) and Apex Investment (-3.3%).
Over on the DFM, the index fell 0.9% on turnover of AED 304.8 mn.
