Reddit and Kim Kardashian's SKIMS are among the companies in talks to launch IPOs in 2024, report says
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Reddit and Kim Kardashian's shapewear brand, SKIMS, are considering 2024 IPOs, Bloomberg reported.
Reddit filed paperwork last year estimating its valuation at $15 billion.
SKIMS, which has expanded into lounge and activewear, is valued at $4 billion.
Both Reddit and Kim Kardashian's SKIMS are eyeing much-anticipated IPOs in 2024, Bloomberg reported.
Early last year, when Reddit began making preparations to go public, the social media company filed confidential paperwork with hopes of listing at a $15 billion valuation, Business Insider previously reported.
However, the 2022 economy wasn't as strong as the company hoped, leaving lingering impacts and fears of a recession this year, so the company held off on bringing stocks to the public market.
2024, however, might be the year. A spokesperson for Reddit declined to comment for this story, citing a "quiet period."
Before initial public offerings, quiet periods are instituted by the SEC to prevent the appearance of a company providing insider information to investors. Such periods begin when a company files registration paperwork with regulators and last through the first 40 days after its stock starts trading.
Bank of America analysts forecast that the S&P 500, which tracks the performance of 500 of the largest companies on stock exchanges, will reach an all-time high by the end of next year, dubbing 2024 "The Year of the Landing"
"2023 defied almost everyone's expectations: recessions that never came, rate cuts that didn't materialize, bond markets that didn't bounce, except in short-lived, vicious spurts, and rising equities that pained most investors who remained cautiously underweight," Candace Browning, head of Bank of America Global Research, said in a statement released Monday. "We expect 2024 to be the year when central banks can successfully orchestrate a soft landing, though recognize that downside risks may outnumber the upside ones."
SKIMS appears to be seeking to capitalize on a bullish market. Jens Grede, the Swedish entrepreneur who co-founded the company with Kardashian, indicated an IPO is on the horizon for the wildly popular shapewear line after SKIMS secured a $270 million funding round earlier this year that valued the brand at $4 billion.
Representatives SKIMS did not immediately respond to requests for comment from Business Insider.
Read the original article on Business Insider
