{"id":89372,"date":"2024-02-23T00:00:00","date_gmt":"2024-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/reddit-is-heading-to-nyse\/"},"modified":"2024-02-23T00:00:00","modified_gmt":"2024-02-23T00:00:00","slug":"reddit-is-heading-to-nyse","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/23\/reddit-is-heading-to-nyse\/","title":{"rendered":"Reddit is heading to NYSE"},"content":{"rendered":"

Reddit is about to become the first big social media platform to IPO since Pinterest:<\/strong>Reddit filed its IPO prospectus<\/a> with the Securities and Exchange Commission overnight, saying it plans to list on the New York Stock Exchange (NYSE) as soon as early March under the ticker RDDT. The prospectus does not include financial details of the planned IPO, but the New York Times<\/a> cites two sources with knowledge of the transaction as saying the company is looking to hit \u201ca valuation of at least USD 5 bn in its IPO \u2026 that is roughly half of the USD 10 bn valuation the company fetched in a 2021 private financing round.\u201d<\/p>\n

As a community of communities, the community\u2019s getting a piece:<\/strong> In a relatively unusual move, Reddit is reserving a portion of the offering for 75k of its most prolific users through \u201ca directed share program,\u201d according to the prospectus. The company will also offer shares to other retail investors.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,315<\/p>\n<\/td>\n

\n

-0.8% (YTD: -2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,229<\/p>\n<\/td>\n

\n

-0.6% (YTD: +4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Nasdaq Dubai UAE20<\/strong><\/p>\n<\/td>\n

\n

3,750<\/p>\n<\/td>\n

\n

-1.6% (YTD: -2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD : AED<\/strong> CBUAE<\/strong><\/p>\n<\/td>\n

\n

Buy 3.67<\/p>\n<\/td>\n

\n

Sell 3.67<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EIBOR<\/strong><\/p>\n<\/td>\n

\n

5.1% o\/n<\/p>\n<\/td>\n

\n

5.4% 1 yr<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

TASI<\/strong><\/p>\n<\/td>\n

\n

12,634<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

29,309<\/p>\n<\/td>\n

\n

+0.1% (YTD: +17.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,087<\/p>\n<\/td>\n

\n

+2.1% (YTD: +6.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,684<\/p>\n<\/td>\n

\n

+0.3% (YTD: -0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,855<\/p>\n<\/td>\n

\n

+1.7% (YTD: +7.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 78.35<\/p>\n<\/td>\n

\n

-0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 1.70<\/p>\n<\/td>\n

\n

+2.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,036.30<\/p>\n<\/td>\n

\n

+0.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 51,304.80<\/p>\n<\/td>\n

\n

-0.2% (YTD: +16.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The DFM fell 0.6% yesterday<\/strong> on turnover of AED 361.6 bn. The index is up 4.2% YTD.<\/p>\n

In the green: <\/strong>Takaful Emarat (+14.7%), Dubai Islamic Ins. and Reins. (+4.0%) and Al Firdous Holdings (+3.6%).<\/p>\n

In the red: <\/strong>Al Salam Sudan (-7.2%), Watania International Holding (-5.7%) and Ithmaar Holding (-3.5%). <\/p>\n

Over on the ADX<\/strong>, the index is down 0.8% on turnover of AED 1.3 bn, while Nasdaq Dubai is down 1.6%.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company plans to<\/p>\n","protected":false},"author":1,"featured_media":89373,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1553],"tags":[7,942,50,680],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam-uae","tag-new-york-stock-exchange","tag-planet-finance","tag-reddit","wpautop","entry"],"acf":{"mongo_id":"bddd9768-eb90-4f9b-99a7-4231f0c8da6d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1614.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Reddit files for IPO on NYSE","related_issue":[89346],"teaser":"The company plans to","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.c5fc21fc-c78b-41e9-a915-370415f18a33.mp3"},"yoast_head":"\nReddit is heading to NYSE - 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