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Reddit’s IPO: The high level details

The popular online platform Reddit has revealed its intention to go public on the New York Stock Exchange (NYSE) under the symbol “RDDT.” This move marks the first initial public offering (IPO) of a social network since Pinterest’s debut in 2019.

Despite the announcement, specific details regarding the number or price of shares, as well as the IPO date, have not been disclosed by Reddit. Analysts are projecting the offering’s valuation to be somewhere in the $5 billion range.

Founded in 2005, Reddit has grown into a massive hub with over 100,000 online communities and attracts an average of 76 million visitors daily.

You can read more on the matter here.

What’s going on?

• Lynx Air Files For Creditor Protection, Operations To Cease Monday (theDeepDive)

• US Unveils Biggest Sanctions Package on Russia Since War Began (Bloomberg)

• What Is Going On With Boeing Planes? (theDeepDive)

• Egypt announces multi-billion UAE investment to boost forex (Reuters)

• Russian Central Bank Revokes Qiwi Bank’s License Following Violations and ‘High-Risk’ Operations (theDeepDive)

• Meta Staff Found Instagram Tool Enabled Child Exploitation. The Company Pressed Ahead Anyway. (WSJ)

• Copper, Gold To See ‘Immediate Price Boost’ From Potential Rate Cuts (theDeepDive)

• China launches classified communication satellite with powerful rocket (Reuters)

• Beijing Implements Strict Trading Ban on Institutional Investors to Curb Market Declines (theDeepDive)

• U.S. Pushes Canada to Impose Visas on Mexican Visitors to Ease Flow from North (WSJ)

• Burkina Faso Is Cracking Down On Gold Exports (theDeepDive)

What’s the latest?

• McGill, Concordia Sue Quebec: McGill University and Concordia University are suing the Quebec government over tuition hikes for out-of-province students, arguing that the increases threaten institutional diversity and violate the Canadian Charter of Rights and Freedoms. The hikes have led to significant drops in applications from both Canadian and international students, with Concordia seeing a 27% decline from Canada and McGill experiencing a 20% decrease in out-of-province applicants.

• Russia Sanctions: On the eve of the second anniversary of Russia's invasion of Ukraine, the United States and the European Union have announced new sanctions against Russia, in response to the death of Kremlin critic Alexei Navalny. The EU has added 106 officials and 88 entities to its sanctions list, while the U.S. plans to impose over 500 new sanctions targeting Russia's financial sector, defense industrial base, and individuals associated with Navalny's imprisonment.

• Lynx Shutters: Lynx Air, a Calgary-based ultra-low-cost airline, has announced it will cease operations starting 12:01 a.m. MT on February 26, after filing for creditor protection. The airline has directed passengers with existing bookings to seek refunds through their credit card companies, citing financial challenges like inflation and high fuel costs as reasons for its shutdown. WestJet has stepped in to offer support to stranded travelers, providing discounted fares on domestic routes and capped fares for Canadian repatriation flights on routes previously operated by Lynx.

• Nvidia Hits $2 Trillion: Nvidia achieved a market valuation of $2 trillion, marking a significant milestone as it capitalizes on the burgeoning demand for its chips, integral to the generative artificial intelligence (AI) revolution. This achievement comes on the heels of a substantial revenue forecast increase, which added $277 billion to its market value in a single day, setting a record for Wall Street.

• Moon Landing: Intuitive Machines, a Texas-based company, achieved a historic milestone by successfully landing a spacecraft near the moon's south pole, marking the first U.S. lunar touchdown in over fifty years and the first ever by the private sector. The mission, which included several NASA research instruments, faced initial communication challenges post-landing, leaving some uncertainty about the vehicle's condition. However, it was later confirmed that the spacecraft, named Odysseus, was upright and transmitting data.

The Rise and Fall of F45

The stock market and stuff

• Carvana Drives Share Surge Despite Revenue Miss (theDeepDive)

• Julius Baer suffered IT crash last week (Reuters)

• Nvidia Tops $2 Trillion Valuation in First for Chipmakers (Bloomberg)

• Reddit: The High Level Details Of The IPO (theDeepDive)

In the juniors

• Filo Mining Hits 1,077 Metres Of 0.52% Copper, Expands Deposit To The West (theDeepDive)

• Sunnova CEO tries to reassure rattled investors after stock plunged 26% in worst day since March 2020 (CNBC)

• The Solution To Antibiotic Resistance – With Cytophage CEO Dr Steven Theriault (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.