Click here for the PDF: The Weekly Beacon – March 15 2024
We will be giving some macro economic market updates on a weekly basis. No equity recommendations will be given in this commentary, and we encourage you to contact us if you have questions regarding any observations.
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This weeks issue: IPO Market, Investment bankers, Reddit financials, Reddit IPO, Social media stocks, New York Community Bancorp stock, NYCB equity package, Secretary Steven Mnuchin, S&P 500 performance, S&P 500 components performances, CPI, Consumer prices, Inflation, Energy prices, Gasoline prices, Shelter prices, Interest rates, FED decision, Elon Musk, Tesla analysis, Tesla stock, Tesla valuation, Gold prices, Investor interest in gold, Gold miners, Physical gold prices.
IPO Market
A highly anticipated IPO that has been in the works for quite some time looks to be coming to the finish line and hitting public markets. Social media platform, Reddit has reportedly released the details of its upcoming IPO. Reddit’s IPO comes more than 2 years after the company originally planned to go public. Morgan Stanley, Goldman Sachs, JP Morgan, and Bank of America are serving as the lead underwriters for the offering.
The company targets a valuation of up to $6.4 billion. The company will look to raise $748 million in the offering. Reddit will look to sell 22 million shares (a combination of issue and sales) at a price between $31 and $34.
The pricing information comes a few weeks after it was announced that Reddit had applied to the New York Stock Exchange for its IPO. Reddit will trade under the ticker RDDT.
